Aerial drones aren't just for outdoor inspection, surveying, and surveillance. Several startups are working to apply drones to inventory management. Verity AG last week announced that it has raised an additional $11 million in its Series B funding round.
The company said in a release that it plans to use the capital “to scale the delivery of zero-error warehouses and predictable value across a supply chain industry that is increasingly turning to technology to improve crucial operational impediments—labor shortages, lost productivity, inventory errors, and waste.”
Verity's founders include Raffaello D’Andrea, who co-founded warehouse automation company Kiva Systems, which was acquired by Amazon in 2012. The Zurich, Switzerland-based company said it has combined fully autonomous drones with advanced data analytics to provide insights that enable increased operational efficiencies.
Verity aims for inventory market leadership
Verity said its clients can gain real-time visibility and precise control over their inventory, cut labor and equipment costs, improve customer service, and reduce CO2 emissions. The company claimed that its data collection and analysis system is reliable and can be installed in one week.
With installations across 13 countries, Verity asserted that it is “the market leader in deploying autonomous inventory management solutions, with industry leading clients spanning retailers, 3PLs [third-party logistics providers], and manufacturers.”
Verity added that it is growing rapidly and actively recruiting to fill positions across the company.
The global market for drones could expand from $276 million in 2022 to $827 million in 2028 at a compound annual growth rate (CAGR) of 20.02%, according to Market Reports World. Similarly, Insider Intelligence predicted total global shipments to reach 2.4 million this year at a 66.8% CAGR.
Other companies that recently received funding to develop inventory drones include San Jose, Calif.-based B Garage, which raised a $20 million Series A, and San Francisco-based Ware, which was acquired by Gather AI.
Qualcomm joins investors
In March, Verity announced that it had raised an initial $32 million in Series B funding. In this latest investment, Qualcomm Ventures joined backers including A.P. Moller Holding and Exor Ventures, the venture capital arm of Exor, whose portfolio includes Ferrari, Juventus FC, and The Economist.
Existing investors included Fontinalis Partners, Airbus Ventures, Sony Innovation Fund, ROBO Global Ventures, and Verve Ventures.
“The supply chain of the future is autonomous and automated,” stated Boaz Peer, senior director of Qualcomm Israel Ltd. and managing director of Qualcomm Ventures Israel and Europe.
“Verity's self-flying drone technology and advanced warehouse inventory analytics are helping transform supply chains by enabling end-to-end, real-time visibility,” he said. “We're excited to invest in Verity as it scales its operations internationally.”
Qualcomm, acting through Qualcomm Ventures LLC or its affiliated entities, said it has been making strategic investments in potentially transformative technology companies around the world since 2000.
“We are thrilled to welcome Qualcomm Ventures as a new investor in Verity,” said D’Andrea. “Their clear vision of supply chain transformation is perfectly aligned with Verity's mission.”
“Their extensive expertise and global resources make them an ideal partner as we continue to innovate and scale our autonomous inventory management solution,” he said. “We look forward to leveraging their insights and network.”
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