Gather AI automates inventory monitoring with drone data collection and reconciliation with WMS. | Source: Gather AI
Gather AI last week announced that it has raised $17 million in Series A-1 financing. This latest round brought its total funding to date to $34 million. The company said it plans to use the investment to scale operations and continue to attract customers by solving supply chain problems with rich data.
“We’re already seeing the positive impact of Gather AI on customers spanning third-party logistics, retail, food and beverage, and manufacturing,” stated Sankalp Arora, co-founder and CEO of Gather AI. “AI-powered cameras will transform supply-chain traceability to have a similar impact that barcodes did in the 1980s, and our technology is at the forefront of this transformation.”
Arora, Daniel Maturana, and Geetesh Dubey founded the company in 2018 after launching from Carnegie Mellon University’s Robotics Institute. Together, they have expertise in deep learning, autonomy, and computer vision.
Gather AI claims it collects better data faster
Without automation, companies try to combat low accuracy with cycle counting using barcode scanning, according to Gather AI. These counts, however, only partially represent inventory. In addition, capacity constraints make it difficult for workers to survey the full warehouse, it said.
On average, inaccurate inventory can cost a business hundreds of thousands of dollars per year per warehouse. It can also result in significant revenue loss from missed orders, Gather AI asserted.
The Pittsburgh-based developer of artificial intelligence and computer vision said its drones can scan warehouse inventory 15 times faster than traditional methods. It added that its drones can provide richer data than warehouses can achieve with just barcodes.
AI can reduce database errors
Gather AI explained that its AI infers bar codes, text, empty locations, and other inventory-related information collected by the drones. The system then automatically compares them with what’s in the warehouse management system (WMS).
A warehouse manager can then view inventory data in real-time from a Web dashboard. The company said its customers are seeing returns on investment (ROI) of 3x to 5x, driven by a 66% reduction in inventory database errors.
The company’s customers include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods (KeHE).
“The Gather AI solution seamlessly integrated into our warehouse operations, delivering swift results,” said Cody Merritt, director of solution design and innovation at NFI. “Our employees engaged well with the system, leading to a notable 5x productivity increase within five months using a single drone.”
Investors support scaling of inventory operations
Bain Capital Ventures led the latest funding round. Tribeca Venture Partners, Dundee Venture Capital, Expa, and Bling Capital also participated.
“Gather AI’s cutting-edge computer vision and workflow software, purpose-built for inventory monitoring, has seen significant commercial adoption and rapid growth separating them from the field of other venture-backed startups,” said Ajay Agarwal, partner at Bain Capital Ventures. “We are excited to welcome Gather AI to our portfolio of companies such as Kiva, ShipBob, FourKites, and Vention leveraging AI and software in the physical world.”
Last year, Gather AI doubled the number of warehouses it serves and increased bookings by 2.5x. This year, the company said it is poised to triple its operations thanks to customer expansion and continued strong market demand.