CoolR Group, the leader in automated ordering for brands using AI-based image recognition, has announced a $10 million round led by long-term VC investor First Analysis. Moneta Ventures and Remarkable Ventures also are participating in the oversubscribed round. The company will use the capital to drive growth and invest in R&D.
CoolR is well-positioned to capitalize on changes that have upended retail in the past two years – changes that market-watchers forecast is here to stay. Its unique platform, Playbook, directs large brands to take immediate actions on retail shelves based on ROI and revenue opportunity.
With costs of labor, logistics, and inputs all increasing, brands must make every replenishment and merchandising opportunity count. The company uses its proprietary cameras along with third-party apps and devices to collect images in real-time from shelves, then translates those pictures into prioritized actions, allowing brands to deploy their people and resources to the most immediate and beneficial issues.
“Brands need to know what is happening on their shelves, it’s never been more vital to their business,” said Roy Mehta, CEO of CoolR Group. “Playbook offers that advantage, and it has translated into both a major jump in sales and a decrease in operational costs for our customers. Our customers have told us this will be the most impactful change they make to their operations in the next 10 to 20 years.”
CoolR also announced that it has created over 1 million intelligent replenishment tasks and store visits for its customers who include some of the largest soda, ice cream, beer, and pet food companies in the world. The company has boosted sales by over 20% for some of its customers, in both emerging and developed markets.
“With CoolR’s cameras in their in-store refrigerators and freezers, CoolR’s brand and distributor customers can automatically ensure their goods are cost-effectively stocked when and where needed, yielding paybacks in as short as a few months – a rare feat in IoT,” said First Analysis Senior Vice President David Gearhart. “We look forward to helping CoolR scale further and unlock its full potential.”