Simbe Robotics secures $26m in funding round
Simbe Robotics has raised $26 million in a Series A funding round allowing it to ramp up production of its Tally robots adopted by Decathlon USA and Groupe Casino.
Venrock led the funding round, with further participation from Future Shape, Valo Ventures and Activant Capital, while SoftBank Robotics secured a new inventory financing agreement with the start up.
This new financing agreement, which builds on an existing partnership launched in 2018, will support a scaled manufacturing of 1000 new Tally inventory robots.
Simbe’s Tally robots navigate store autonomously using computer vision, scanning items on shelves using RFID technology to provide accurate insights into a retailers inventory three times per day.
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Retailers including Decathlon USA, Schnuck Markets, Giant Eagle and Groupe Casino have so far adopted the Tally robots.
“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,” Simbe’s co-founder and chief executive Brad Bogolea said.
“Both our equity financing partners and the SoftBank Robotics team are deeply aligned with our vision to revitalise 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.”