Simbe Robotics Raises Funding to Advance AI Tech for Grocery

Company to help retailers optimize both in-store and e-commerce operations

7/13/2023

Simbe developed new capabilities specifically tailored to the warehouse club format to prepare Tally for chainwide deployment across BJ’s Wholesale Club locations.

Simbe Robotics, Inc., the company leveraging AI and robotics to elevate the performance of retailers with real-time insights into inventory and operations, has raised $28 million in a Series B equity financing round.

The funding will enable Simbe to meet rising global customer demand, enter future product areas, expand its team, and continue delivering value to new and existing partners by optimizing both in-store and e-commerce operations.

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Simbe’s comprehensive business intelligence solution is powered by Tally, a fully autonomous in-store product auditing solution that traverses aisles to generate exact product location data and identify out-of-stock, misplaced, or mispriced products at more than 99% accuracy. Simbe says the platform transforms retail operations through proprietary AI, computer vision, RFID, and edge computing technology that delivers greater visibility, more accurate data, and real-time insights — creating a better experience for shoppers and store teams alike.

In 2023, Simbe developed new capabilities specifically tailored to the warehouse club format to prepare Tally for chainwide deployment across BJ’s Wholesale Club locations. In addition to partnering with BJ’s, Simbe has signed new agreements and expansions with retailers, such as Schnuck Markets, SpartanNash, Wakefern and more. The company has also expanded its leadership team, bringing on a number of industry veterans to serve in key roles, including COO and SVP of sales.

Simbe’s latest financing round was led by venture firm Eclipse, marking a vote of confidence in emerging retail and grocery technologies.

“We're honored to be supported by an investor like Eclipse, with a team that recognizes technology's incredible potential to significantly enhance retail operations, as well as greatly improve the customer experience,” said Brad Bogolea, CEO and co-founder of San Francisco-based Simbe. “Elevating the retail experience for everyone — retailers, their associates, and customers — through AI and robotics is the foundation of Simbe’s mission, and this funding will enable us to share this vision and reimagined experience with more retail partners around the world.”

This latest round of funding follows a successful Series A in 2019, bringing the total amount raised by Simbe to $54 million. This funding also builds on the company’s momentum and growth, having increased its annual recurring revenue by 10 times and contracted annual recurring revenue by 22 times since 2020.