CoolR Group, a Chantilly, Virginia-based automated ordering for brands using AI-based image recognition, announced that it raised $10 million in funding.
The round was led by VC investor First Analysis, with participation from Moneta Ventures and Remarkable Ventures.
The company will use the capital to drive growth and invest in R&D.
CoolR is well-positioned to capitalize on changes that have upended retail in the past two years—changes that market-watchers forecast is here to stay. Its unique platform, Playbook, directs large brands to take immediate actions on retail shelves based on ROI and revenue opportunity.
"Brands need to know what is happening on their shelves, it's never been more vital to their business," said Roy Mehta, co-founder and CEO of CoolR Group. "Playbook offers that advantage, and it has translated into both a major jump in sales and decrease in operational costs for our customers. Our customers have told us this will be the most impactful change they make to their operations in the next 10 to 20 years."
CoolR also announced that it created over 1 million intelligent replenishment tasks and store visits for its customers, including some of the world's largest soda, ice cream, beer, and pet food companies. The company has boosted sales by over 20% for some of its customers in both emerging and developed markets.
Company: CoolR Group Inc.
Funding Month: October 2022
Lead Investors: First Analysis
Additional Investors: Moneta Ventures and Remarkable Ventures
Company Website: https://www.coolrgroup.com/
Software Category: IoT-based visual AI solutions
About the Company; CoolR provides advanced, end-to-end, IoT-based visual AI solutions for CPG brands and retailers. CoolR helps CPGs and retailers take control of demand and ensure the right products are in the right place at the right time. CoolR's technology monitors refrigerated, frozen, and ambient shelves, collecting data on out-of-stock opportunities, product performance, and execution audits. The information is integrated with visual AI decision-making into everyday commercial execution. CoolR specializes in remote, unbiased monitoring, enabling high-performance results for sales uplift and cost reduction programs for its partners. Flexibility is a key point of differentiation — CoolR's solution is built to be configurable to its clients' way of working. Whether using cameras or smartphones to generate images, CoolR aims to integrate with the current process and then suggest actions and improvements.