Simbe Robotics that develops autonomous robots for retail environments to improve inventory management and customer experience has secured $50 million in Series C funding. The round, led by Goldman Sachs Growth Equity, includes additional investments from Eclipse and Valo Ventures, bringing Simbe’s total funding to over $100 million. This new capital is aimed at scaling Simbe’s retail automation tools across global markets.
Founded in 2014 by Brad Bogolea, Jeff Gee, and Avery Louie, the San Francisco-based company’s main product, an autonomous robot called Tally, uses computer vision and AI to track store shelves and monitor inventory. The technology provides real-time data on stock levels, pricing, and promotions, which helps retailers optimize inventory management. Major retailers such as Wakefern Food Corp., CarrefourSA, and BJ’s Wholesale Club have already incorporated Tally robots to gain these insights.
The rise in robotics investments in the retail sector mirrors broader trends in automation. Recently, self-driving truck company Outrider also raised $62 million to support automated yard operations, highlighting an increasing focus on automation across various industries.
According to Brad Bogolea, Simbe’s Co-Founder and CEO, this level of visibility aims to address what he describes as “the last great data desert” in the retail industry. “In partnership with top global retailers, Simbe is building the essential system of record to power retail’s operating layer,” Bogolea noted.
Simbe Robotics plans to use its recent $50 million funding to address growing demand for retail technology across multiple retail sectors, expand into new product areas, and enhance its scalable solutions for retailers and brands worldwide. The funds will support Simbe in meeting increased market needs for automated inventory and shelf management as more retailers seek efficient, tech-driven methods for real-time stock monitoring and operational insights. This expansion aligns with Simbe’s mission to bring advanced automation to the retail space, allowing for improved inventory control and shopper experience in global markets.
Notably, the company plans to enhance its workforce after doubling its team size over the past year, including hires in key leadership roles.
Investment in retail automation
Ben Fife of Goldman Sachs highlighted the strong track record of Simbe’s technology as a primary reason for the firm’s decision to lead the Series C round. “Retail automation is a rapidly growing sector, and Simbe is well-positioned to capitalise on the enormous market opportunity,” Fife explained, noting the potential for widespread adoption of such technology across the retail industry.
Fife expressed confidence in Simbe’s ability to continue transforming store management through real-time data on store conditions, which could redefine how retail companies optimise stock, pricing, and promotions.
New solutions to expand offerings
Simbe has also introduced several new features in 2024, with each product targeting a unique segment of retail operations. For example, the new “Simbe Brand Insights” platform provides data to manufacturers and vendors, allowing them to understand shelf performance across various retail chains. Additionally, the “Simbe Virtual Tour” allows managers and stakeholders to remotely monitor store conditions, which could prove valuable for large retail networks spanning multiple regions.
Simbe is also targeting wholesale clubs through its “Wholesale Club Solution,” a shelf-intelligence platform optimised for the wholesale environment. This addition enables inventory management within the larger-scale settings found in wholesale clubs, providing a more tailored approach for bulk-oriented retailers.
The post Goldman Sachs backs Simbe’s $50M round to scale autonomous retail robots appeared first on Tech Funding News.