One value proposition for robots and AI is their ability to collect and process data in a timely way. Simbe Robotics Inc. today announced a Series B equity financing round of $28 million. The San Francisco-based company said the funding will enable it to meet growing global customer demand, enter new product areas, expand its team, and deliver value to new and existing partners.
Simbe said in a press release that its Tally mobile robots and artificial intelligence can help retailers optimize both in-store and e-commerce operations.
“Elevating the retail experience for everyone — retailers, their associates, and customers — through AI and robotics is the foundation of Simbe’s mission,” said Brad Bogolea, co-founder and CEO of Simbe. “This funding will enable us to share this vision and reimagined experience with more retail partners around the world.”
Tally designed for retailer insights
Simbe Robotics claimed that its platform empowers retailers to protect profitability and enhance business operations. It uses proprietary AI, computer vision, RFID, and edge computing technology to provide more accurate data, visibility into operations, and real-time insights into inventory, the company said.
Tally is “the world's first fully autonomous in-store product auditing solution,” according to Simbe. It traverses aisles to generate exact product location data and identify out-of-stock, misplaced, or mispriced products at more than 99% accuracy, it said.
Thanks to its sensor suite, the mobile robot can operate safely alongside shoppers and employees and doesn't require infrastructure changes to stores, said Simbe. It added that Tally is designed to be easy to use and to fit into retail environments.
Tally can scan entire stores up to three times per day and provide timely information to associates, added the company. Simbe said its cloud-powered software, in combination with computer vision and machine learning, can help retailers streamline store performance, maximize customer satisfaction, increase sales, and optimize operational expenditures.
Simbe touts accomplishments
Since launching Tally, Simbe said it has “made significant strides” in refining its retail automation. In 2020, the company introduced Tally 3.0.
Advancements in camera systems, data capture, 2D and 3D imaging, and more have led to more refined AI models that deliver higher-quality data and deeper insights into store environments, it said. As a result, partners can get 3X to 4X return on investment (ROI) with Simbe's business intelligence platform within 60 days, it said.
In 2023, Simbe developed new capabilities tailored to the warehouse club format to prepare Tally for chainwide deployment across BJ’s Wholesale Club locations. In addition, the company has signed new agreements and expansions with leading retailers.
Simbe has also expanded its leadership team, bringing on a number of industry veterans to serve in key roles, including chief operating officer and senior vice president of sales. These leaders have supported the company's strategic growth, it said.
Over the past 12 months, Simbe said it has:
- Serviced 12 of the top 250 global retailers and brands in the Americas, Europe, and the Middle East, such as BJ’s Wholesale, Schnuck Markets, SpartanNash, Wakefern, and Carrefour
- Processed over 12 billion shelf photos
- Analyzed over 5 billion products for on-shelf availability and price accuracy
- Completed over 1.7 million hours of fully autonomous data-capture operations alongside store associates and customers
Eclipse leads Series B
Palo Alto, Calif.-based Eclipse Ventures led Simbe's Series B round. The venture capital firm has more than $4 billion in assets under management and 70-plus portfolio companies.
Eclipse said it has “a team of investors with deep operating expertise in technology, manufacturing, supply chain, logistics, healthcare, and consumer products.” The firm said its leadership team knows how “to create and scale complex operations and make physical industries more efficient, resilient, and profitable.”
“As today’s retailers grapple with inaccurate shelf data and antiquated inventory management processes, Simbe is completely revolutionizing the industry through AI and robotics — proving to be an invaluable solution that curbs these obstacles,” said Jay Knafel, a partner at Eclipse.
“One of the most challenging aspects of full-stack systems is engineering a solution that works,” he added. “Not some of the time, but all the time, in every customer environment.”
“When we saw Simbe’s solution deployed across the country, in a range of store environments, and performing fully autonomously, we were impressed,” recalled Khafel. “Simbe has also designed the most consumer-friendly, compact robot of its kind that fits into any store and with any team, and [it] deploys in hours. Simbe’s platform and its volume of data are transforming retail, and we could not be more thrilled to support Brad and his team.”
“A sizable percentage of global GDP is tied up in inventory,” noted Lior Susan, founding partner at Eclipse. “For retailers, mismanaged inventory is a $2 trillion problem, and it’s clear the industry needs better tools that allow retailers to understand how their stores are operating in real-time, in order to enhance the in-store experience for all.”
“Simbe has demonstrated the power of AI- and data-driven solutions for driving sales, improving margins, increasing resilience within the retail industry, and ultimately, contributing to continued economic growth,” he said.
Funding a 'vote of confidence'
The investment by Eclipse “marks a vote of confidence in emerging retail and grocery technologies,” said Simbe, a privately held, venture-backed company.
“We're honored to be supported by an investor like Eclipse, with a team that recognizes technology's incredible potential to significantly enhance retail operations, as well as greatly improve the customer experience,” said Bogolea.
This latest funding round follows a successful Series A in 2019, bringing the total amount that Simbe has raised to $54 million. The Series B also builds on the company’s momentum and growth, as it reported having increased its annual recurring revenue by 10X and its contracted annual recurring revenue by 22X since 2020.
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