Augmodo Secures $5.3 Million to Revolutionize Inventory Management with Wearable AI
Augmodo, a Seattle-based startup focused on inventory management solutions for retailers, has secured $5.3 million in seed funding. Lerer Hippeau led the funding round, with participation from Dunnhumby Ventures, NewFare Partners, and Simple Food Ventures.
Augmodo leverages advanced technologies including computer vision, augmented reality, AI, spatial computing, 3D mapping, and data analysis to streamline inventory tracking. The core of their system is a wearable smart badge worn by store employees. These badges house cameras that capture inventory data as employees traverse the aisles, detecting empty shelves, overstocking, and other inventory discrepancies.
Such inventory deficiencies cost the global retail industry an estimated $1.75 trillion annually. Augmodo’s founder and CEO, Ross Finman, notes that their system can collect data more efficiently and cost-effectively than competitors who rely on expensive robot scanners.
Augmodo’s solution goes beyond tracking inventory levels. It also provides insights into product merchandising on store shelves, helping retailers and brands optimize placement to maximize sales.
Finman, a former executive at Niantic Labs and founder of Escher Reality, has identified grocery stores as the initial target for Augmodo. This sector faces significant challenges due to high product turnover and workforce requirements.
The seed funding will be used to pilot the system with retailers and brands. The smart badges have been priced at around $50 each.
