Radar has closed its latest round of funding at $30 million, bringing the radio frequency identification technology company’s total funding to date to $63 million. In a statement, Radar shared plans to use its new investment to expand its reach to more customers and accelerate product development in addition to hiring more employees in engineering, product and sales.
As reported by WWD, the solution was adapted at American Eagle Outfitters earlier this year, launching in nearly 500 stores across the U.S. In addition, Radar has shared that it is currently piloting its platform with two other Fortune 500 retailers.
The technology platform, which combines RFID technology and computer vision technology to track and locate inventory in-store, boasts a 99 percent accuracy powered by artificial intelligence (AI). Radar’s platform is designed to drive efficiency from serving customers more easily and replenishing products on the sales floor to fulfilling online orders and customer pick-ups.
The AI-powered inventory-tracking solution provides inventory knowledge ensuring store associates always know what products are available on-site and where it is located for a better consumer experience, also providing analytics to help inform inventory decisions.
“Every retail brand is looking to operate more efficiently in this uncertain macroeconomic environment and having complete visibility into store inventory, including knowing exactly where every product is located, is key to that,” said Spencer Hewett, founder and chief executive officer of Radar. “We’re thrilled to join forces with this prestigious group of investors as we help brands empower their sales associates with the inventory information they need to consistently deliver a great customer experience.”
Ben Bryce, managing partner at Align Ventures, the leading participant in Radar’s series A funding round, said Align Ventures is “proud to partner with Spencer and the rest of the Radar team as they enable retailers and brands to precisely manage inventory, boost revenue and provide store associates with the knowledge they need to quickly locate products and better serve their customers.”
Bryce further applauded Radar acknowledging the company’s “use of AI to AI to unlock the true potential of RFID in inventory management and store operations. Radar has achieved a goal the retail industry has been chasing for more than 20 years. Radar’s affordable inventory-tracking technology has been proven to deliver a sales lift of up to 12 percent in stores and to virtually eliminate overstocks.”
Other participants in Radar’s series A funding round include The Ferrante Group, Future Archives and Leeds Holding. Previous investors include Y Combinator, Founders Fund Pathfinder, Silas Chou’s Novel TMT Ventures, NTT DOCOMO, Beanstalk Ventures and Ashton Kutcher’s Sound Ventures.