In an exciting development for the retail sector, Seattle-based startup Augmodo has successfully raised $5.3 million in seed funding to enhance inventory management and streamline store operations. The funding round, led by Lerer Hippeau, saw participation from Dunnhumby Ventures, NewFare Partners, and Simple Food Ventures.
Transforming Retail with SmartBadges
Augmodo’s innovative technology revolves around its proprietary SmartBadges—wearable devices that leverage Spatial AI to assist store associates. These SmartBadges not only create live 3D maps of stores but also recommend efficient actions to improve workflows, such as restocking shelves, placing orders, and ensuring compliance. By saving time and money, Augmodo aims to elevate the overall experience for retailers, associates, brands, and shoppers alike.
“Artificial intelligence is already changing retail, and advances in augmented reality and spatial computing are set to redefine the shopping experience,” said Ross Finman, Founder and CEO of Augmodo. “We’re empowering store associates to drive revenue and enhance customer experiences, making them invaluable to their employers.”
A Game Changer for Store Associates
Mark Finocchiaro, Managing Partner and CIO at Chemist Warehouse, Australia’s largest pharmacy retailer, emphasized the importance of Augmodo’s technology. “Our retail associates are our greatest assets, handling critical responsibilities on the sales floor,” he noted. “With SmartBadges integrated into their uniforms, they can easily capture vital shelf information multiple times a day, significantly reducing the time spent on repetitive tasks.”
Real-Time Analytics at Your Fingertips
In addition to the SmartBadges, Augmodo offers SpatialView, an analytics platform that gives retail executives real-time visibility into store conditions. “Business leaders no longer have to travel to store locations or rely on outdated data,” Finocchiaro explained. “They can monitor shelf conditions from their laptops, providing a real-time source of truth that’s a game changer for operational efficiency.”
A Vision for the Future
Isabelle Phelps, Partner at Lerer Hippeau, expressed enthusiasm for Augmodo’s mission. “Their system can be implemented in less than 20 minutes, costs significantly less than alternatives, and requires no major operational changes,” she said. “Ross and his team are perfectly positioned to deploy this technology quickly and thoughtfully, benefiting all parties involved.”
This recent funding will pave the way for several pilot programs in 2024, collaborating with both brands and retailers. Augmodo has already filed four patents and plans to use the investment to scale these initiatives while further developing their technology.
“We’re eager to partner with leading retailers and brands on pilots across multiple countries, creating Spatial AI solutions tailored for retail,” Finman said. “This technology will save millions related to auditing, non-compliance, and inefficiencies, allowing retailers to pass those savings on to consumers.”
With rapid advancements in AI, Augmodo stands at the forefront of a retail revolution, ensuring that this is just the beginning of a transformative journey in the industry.
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