Gather AI, a Pittsburgh, PA-based supply chain robotics company that delivers a real-time inventory visibility platform, announced that it raised $10 million in Series A funding.
The round was led by Tribeca Venture Partners, with participation from existing investors Xplorer Capital, Dundee Venture Capital, Expa, Bling Capital, XRC Labs, and 99 tartans.
This latest funding accelerates Gather AI's go-to-market strategy and continues the development of its leading real-time inventory visibility platform.
The platform uses off-the-shelf autonomous drones, paired with sophisticated AI-driven software, to solve the misplaced inventory problem in warehouses. This problem is the source of an estimated $150B annual losses that heavily impact manufacturers, warehouse operators, and consumers.
"The supply chain issues making headlines less than a year ago put a spotlight on challenges that the logistics industry has been trying to address for the last two decades: how to effectively manage operations to maximize revenue and efficiency, all while minimizing frustrations that come with labor shortages," said Gather AI Co-Founder Sankalp Arora. "The reality is, the majority of warehouses have access to technology that is from before the e-commerce boom, which has exacerbated the struggle to keep up with the changes in both industry demands and customer habits. Gather AI empowers warehouse operators with automation without needing capex to help solve age-old problems. Since our first warehouse deployment in 2020, we have seen incredible demand. This funding round will help us meet the overwhelming interest."
Gather AI's platform marries drones with powerful autonomy and machine learning software developed by pioneers in deep learning and robotics to help minimize the financial and operational impacts of high labor turnover, human error, and the resulting revenue loss.
Company: Gather AI, Inc.
Raised: $10.0M
Round: Series A
Funding Month: October 2022
Lead Investors: Tribeca Venture Partners
Additional Investors: Xplorer Capital, Dundee Venture Capital, Expa, Bling Capital, XRC Labs, and 99 tartans
Company Website: https://www.gather.ai/
Software Category: Real-time Inventory Visibility platform
About the Company: Co-founded by three Carnegie Mellon's Robotics Institute graduate students: Dr. Sankalp Arora, Dr. Daniel Maturana, and Geetesh Dubey. Gather AI is a supply chain robotics company that delivers a real-time inventory visibility platform using autonomous drones that monitor warehouse inventory activity. Its combination of off-the-shelf drones and breakthrough software enables warehouse operators to increase efficiency and minimize challenges related to warehouse operations and labor shortages. Gather AI's innovations in autonomy would allow users to have true SaaS economics with none of the hardware development risks of typical robotics companies. The company's machine learning engine provides rich insights, allowing drones to detect and aggregate important data like box damage, case counting, volumetric estimation, text reading, and inventory of palletized goods. Gather AI's drones collect data 15x faster than human cycle counters, with the proven ability to read over 95% of inventory labels and barcodes, minimizing the work for human cycle counters.
Source: https://www.prnewswire.com/news-releases/gather-ai-raises-10m-series-a-to-deliver-real-time-inventory-visibility-to-the-supply-chain-minimizing-challenges-with-warehouse-operations-and-labor-shortages-301642624.html