A $30M Series A fundraising round has been secured by RADAR, a technology platform that combines RFID and computer vision, bringing its total capital to $63M. They announced that the funds would be used to expand their customer base, speed up product innovation, and hire more engineers, salespeople, and product developers. The inventory tracking platform from RADAR, powered by AI, offers 99% accurate location data and real-time visibility for in-store goods. - Retail brands can use the platform to improve customer satisfaction, increase operational effectiveness, and make data-driven inventory decisions.
- Ben Bryce, Managing Partner, Align Ventures, stated, "Spencer and RADAR have successfully demonstrated their cost-effective inventory-tracking technology, which has led to a significant increase in sales (12%) and the elimination of overstocks, helping retailers and brands efficiently manage inventory, increase revenue, and enhance customer service."
- American Eagle Outfitters are introducing the inventory-tracking system from RADAR in about 500 stores, and the company is also testing its platform with two additional Fortune 500 companies.
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