AI-based inventory monitoring solution provider Gather AI raises $17 million
Organizations using Gather AI's inventory monitoring drones include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods.
Gather AI, makers of computer vision and AI-powered warehouse inventory monitoring solutions, today announced a $17 million Series A-1 led by Bain Capital Ventures with participation from Tribeca Venture Partners, Dundee Venture Capital, Expa, and Bling Capital. The new funding provides a total of $34M raised to date.
The new funding will be invested in scaling operations as Gather AI continues to attract customers by solving supply chain issues with richer data and AI, the company stated.
Today, companies combat low accuracy with cycle counting via barcode scanning, Gather AI noted. Gather AI automates inventory visibility challenges through autonomous drones across third-party logistics, manufacturing, and retail facilities, with much richer data than warehouses can currently obtain with barcodes, the company added. Customers include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods (KeHE).
“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 that are leveraging AI and software in the physical world.”
With its solution, Gather AI explains, AI software enables drones to fly autonomously through warehouses, scanning 15 times faster than traditional means. Additional AI infers bar codes, text, empty locations, and other inventory-related information in the images, automatically comparing them with what’s in the warehouse management system (WMS). The warehouse manager can then view inventory data in real time from a web dashboard.
“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.”
“We’re already seeing the positive impact of Gather AI on customers spanning third-party logistics, retail, food and beverage, and manufacturing,” said 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.”
Gather AI was founded in 2017 by co-founders Sankalp Arora, Daniel Maturana and Geetesh Dubey, after launching from Carnegie Mellon University’s Robotics Institute. Last year, the company doubled the number of warehouses it serves and increased bookings by 2.5x. This year, the company says it is poised to triple its operations.
