Exclusive: Gather AI nets $17M for inventory drones
Gather AI, which offers drone-powered warehouse inventory monitoring, raised a $17 million Series A extension led by Bain Capital Ventures, CEO Sankalp Arora tells Axios exclusively.
Why it matters: Out-of-stocks and overstocks cost $1.77 trillion last year, according to research and advisory firm IHL Services.
Zoom in: Tribeca Venture Partners, Dundee Venture Capital, Expa and Bling Capital also participated, bringing total funds raised to $34 million.
The round has a two-to-three year runway, with sufficient capital to get the company to cash-flow positivity, Arora says.
How it works: Gather AI's software works with any kind of commercial, off-the-shelf drone, as well as cameras and computer vision, to help companies manage their inventory.
The drones fly autonomously throughout warehouses, scanning items, taking images and collecting information at a pace 15x faster than manual methods, Arora says.
Its web dashboard allows workers to see and track their inventory data in real time.
Between the lines: Gather AI's tech doesn't require much capital expenditure or infrastructure changes to implement, Arora says.
With off-the-shelf drones and cameras, the company "can visually inspect a warehouse with no additional equipment needed, no positioning, no sensors or beacons required" thanks to AI, Bain Capital Ventures' Ajay Agarwal says.
This has given Gather AI significant commercial traction, adding on more and more facilities, because it is deemed reliable and lowers hardware costs, Agarwal says.
The company's supply chain customers include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods (KeHE).
What's next: Next year, the company hopes to offer the same technology stack for a forklift camera, Arora says.
