CoolR Group, a leader in automated ordering for brands using AI-based image recognition, 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's platform, Playbook, directs large brands to take immediate actions on retail shelves based on ROI and revenue opportunity.
The company uses its proprietary cameras along with third-party apps and devices to collect images in real time from shelves, and 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," Roy Mehta, CEO of CoolR Group, said in the announcement. "Playbook offers that advantage, and it has translated into both a major jump in sales and 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 leading soda, ice cream, beer, and pet food companies.
"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," First Analysis Senior Vice President David Gearhart said in the announcement. "We look forward to helping CoolR scale further and unlock its full potential."
