Augmodo, a Seattle-based startup focused on helping retailers keep track of inventory, recently secured $5.3 million in seed funding. The funding round was led by Lerer Hippeau and included participation from Dunnhumby Ventures, NewFare Partners, and Simple Food Ventures. The company makes use of various technologies such as computer vision, augmented reality, AI, spatial computing, 3D mapping, and data analysis. However, it all begins with simple wearable tech in the form of passive smart badges worn by store employees that collect inventory data related to empty shelves, overstocking, and more.
According to Augmodo, out-of-stock goods cost the global retail industry an estimated $1.75 trillion annually, highlighting the need for better inventory management solutions. Founder and CEO Ross Finman has emphasized the efficiency and cost-effectiveness of Augmodo’s technology compared to competitors that rely on expensive robot scanners. The company’s focus is not only on tracking products on shelves but also on helping retailers and brands optimize how their products are displayed to maximize sales.
Finman’s background includes serving as a former general manager in the headset division at Niantic Labs, the company behind the popular location-based game “Pokémon Go.” Niantic acquired Finman’s previous AR company, Escher Reality, in 2018 after it was spun out of the Massachusetts Institute of Technology. With Augmodo, Finman initially targeted grocery stores due to their high throughput and large workforce, presenting significant real-world data challenges. The recent funding will be used to conduct pilots with retailers and brands, with each smart badge costing approximately $50 in hardware costs.
Augmodo’s technology is designed to streamline the inventory management process for retailers by providing real-time data on product availability, shelf stocking, and merchandising. By employing a combination of wearable tech, computer vision, AI, and other advanced technologies, the company aims to address the costly issue of out-of-stock goods in the retail industry. With the support of investors like Lerer Hippeau and Dunnhumby Ventures, Augmodo is poised to make a significant impact in the retail sector by offering innovative solutions for inventory tracking and optimization.
The use of augmented reality and spatial computing in Augmodo’s platform allows for a more immersive and interactive inventory management experience. By equipping store employees with smart badges that can capture data as they move through aisles, the company enables retailers to better understand their inventory levels and make more informed decisions. Additionally, by leveraging data analysis and 3D mapping, Augmodo offers a comprehensive solution for retailers looking to improve their inventory management processes and reduce costs associated with out-of-stock items.
Overall, Augmodo’s innovative approach to inventory management, combining wearable tech with cutting-edge technologies, has garnered significant interest from investors and industry professionals alike. With a focus on enhancing the in-store experience for both retailers and consumers, the company aims to revolutionize how inventory is tracked, monitored, and optimized in the retail sector. By addressing the challenges of out-of-stock goods and inefficient inventory management practices, Augmodo has the potential to become a game-changer in the industry and drive significant improvements in operational efficiency and profitability for retailers.
