Simbe Robotics, the San Francisco based company has confirmed that it has picked up a $26 million capital as part of its Series A financing led by Venrock. The round also saw participation from Future Shape, Valo Ventures and Activant Capital. As part of the funding, the company is bringing Tony Fadell, principal at Future Shape, David Pakman, partner at Venrock, and Ryan Gembala, managing partner at Pathbreaker Ventures as board members of Simbe.
Launched in 2014 by Bradley Bogolea, Jeff Gee, and Mirza Shah, the firm wants to automate the process of providing retail inventory. Before this round, the firm had picked up an undisclosed sum in a few venture rounds participated by the likes of Comet Labs, Anorak Ventures, Presence Capital, HAX, Cherubic Ventures, Vijay Pradeep and others.
The firm wants to automate one of the most mundane, repetitive tasks in retail execution. Through its Tally solution, the company manages the repetitive and laborious tasks of auditing shelves for out-of-stock items, low stock items, misplaced items, and pricing errors.
The freshly raised funds will help the firm hire in sales, marketing, and customer success segment. It will also allow the company to continue working in their R&D. A decent chunk of the funding will also go towards the boost of business operations of Simbe. At the moment the firm counts the names like Schnuck Markets, Decathlon Sporting Goods and Groupe Casino among its users.
Brad Bogolea, the co-founder and CEO of the firm talking about the investment said, “Our investors, both previous and new, provide much more than financial support. They are advocates and trusted advisors who bring invaluable institutional knowledge to all facets of our business. Both our equity financing partners, and the SoftBank Robotics team are deeply aligned with Simbe’s vision to revitalize physical retail through data. We are at a pivotal time of growth and value their support as we continue to transform retail at a global scale.”
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