Gather AI, a software-only platform that utilizes drones to execute warehouse inventory management, announced today that it has successfully raised $10 million in a Series A round of funding.
Tribeca Venture Partners led the funding, and it included participation from Xplorer Capital, Dundee Venture Capital, Expa, Bling Capital, XRC Labs, and 99 Tartans.
The funds increased the total amount collected by the firm to $17 million. Chief Executive Officer Sankalp Arora said it is being used to expand Gather AI's deployment capacity and go-to-market plans in addition to recruiting more machine learning engineers.
The Foundation of Gather AI
Gather AI was established by Sankalp Arora, Daniel Maturana, and Geetesh Dubey, all of whom were graduate students at the Robotics Institute at Carnegie Mellon University.
The men came up with the concept of utilizing drones to collect data, particularly in warehouse settings, such as the number of things stocked on a shelf and the positions of specific pallets. The startup's primary offering was first conceived as a prototype for an inventory tracking system that made use of commercially available autonomous drones. This technology was developed after several years.
"Off-the-shelf hardware is more reliable and proven than custom-engineered hardware and our software is drone-agnostic so we can source from a large supply chain with no factory to manage," said Arora in an interview with TechCrunch.
Gather AI During the Pandemic
As reported by Yahoo Finance, the COVID-19 pandemic disrupted the supply chain, triggering a 55% growth in e-commerce that produced supply shocks. The ripple effects of a stretched supply chain have prompted a 60% annual worker turnover that continues to afflict companies worldwide. Economic uncertainty throws warehouse managers' supply-demand dynamic off balance, pitting record demand against pressure to decrease operational costs.
This instability has caused warehouses to lose 10% of their $10 million goods without the labor to find them. Supply chain facilities lose $1 million each month due to poor inventory visibility. Over 150,000 warehouses exist worldwide, and their operators need warehouse automation, a 23%-growing market.
Gather AI is one of the companies that contributed to solving the crisis. Its platform combines drones with sophisticated autonomy and machine learning technologies. The system was developed by deep learning and robotics pioneers to reduce labor turnover, human error, and revenue loss.
What Can the Drones Do?
The Gather AI drones fly autonomously to navigate GPS-denied warehouses without requiring adjustments to building infrastructure or operations like lighting, internet, or labeling. The technology provides extensive insights, enabling the drones to recognize and gather essential data like box damage, case counting, volumetric estimation, text reading, and inventory of palletized items.
The device can scan over 95% of inventory labels and barcodes, reducing the labor of human cycle counters.
Right now, Arora said Gather AI drones are currently deployed in 14 warehouses. These businesses are in the field of air freight, third-party logistics, retail distribution, and food and beverage customers. Arora didn't share revenue statistics but said the company would be in 30 warehouses within six months.
This article is owned by Tech Times
Written by Trisha Kae Andrada
