Augmodo, the pioneering company behind real-time inventory and task tracking using wearable SmartBadges™ to create live 3D store maps, announced today that it has raised $5.3 million in seed funding. The funding round was led by Lerer Hippeau, with additional participation from Dunnhumby Ventures, NewFare Partners, and Simple Food Ventures. This diverse group of strategic investors shares Augmodo’s vision for the future of retail.
Augmodo’s innovative SmartBadges™ are equipped with a Spatial AI assistant designed for store associates. This technology recommends actions and tasks to enhance operational efficiencies, such as restocking shelves, placing orders, and improving compliance. By addressing issues like out-of-stocks, preventable returns, and overstocks, which collectively cost retailers $1.75 trillion in lost revenue globally, Augmodo aims to minimize the 11.7% of revenue lost due to store inefficiencies and data disconnects.
Artificial Intelligence is already transforming retail, and advancements in AR and spatial computing are poised to revolutionize the in-store shopping experience,” said Ross Finman, Founder and CEO of Augmodo. “We are deploying our technology among the world’s most innovative retailers to equip their associates with Spatial AI assistants, enabling them to drive revenue and enhance shopping experiences for everyone involved.
Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse, Australia’s largest pharmacy retailer, emphasized the importance of retail associates: “Our associates are our greatest asset, tasked with essential responsibilities like selecting e-commerce orders, stocking shelves, updating promotions, and assisting customers. By partnering with Augmodo, our associates can wear the SmartBadges™ as part of their uniform, allowing them to instantly capture vital shelf information multiple times a day while reducing tedious, time-consuming tasks.”
Augmodo’s analytics platform, SpatialView™, provides retail executives and brand partners with real-time insights into shelf conditions. “Rather than traveling to various store locations or relying on outdated data, business leaders can view the current state of any store from their laptops. It serves as a reliable source of truth regarding shelf conditions, all in real-time. It’s a game changer,” added Finocchiaro.
We are excited to partner with Augmodo as they scale spatial computing in retail and modernize the workforce,” said Isabelle Phelps, Partner at Lerer Hippeau. “Augmodo’s system can be deployed in retail stores in under 20 minutes, costs 100 times less than alternatives, and requires no operational changes for managers and associates. Ross and his team are well-equipped to implement this technology quickly and effectively, benefiting all stakeholders involved.
The recent funding will support several pilot programs in 2024, engaging both brands and retailers. Augmodo has filed four patents to date and will utilize this capital to expand these pilots and further develop the business.
We look forward to collaborating with leading retailers and brands on various pilots in multiple countries to create Spatial AI tailored for retail, which will save millions related to auditing, non-compliance, and inefficiencies—savings that can be passed on to consumers,” said Finman. “Advancements in AI technology are finally progressing quickly enough to be effectively applied in the retail sector, and this is just the beginning.
