SAN FRANCISCO, Dec. 27, 2021 /PRNewswire/ -- Focal
Systems, the industry leader in retail automation, closed
a $25.8m Series B financing round,
led by Point72 Ventures, and joined by existing investors Costanoa,
Zetta, and Zebra Technologies, among others.
The company will use the new funds to continue its rapid
pace of growth and innovation with their AI-powered retail
automation solutions, as well as expand its global sales and
technical teams.
Focal Systems is rolling out with the largest retailers in the
world, including Walmart, to rip and replace legacy Sales-based
Perpetual Inventory (PI) systems with a first of its kind,
real-time, accurate, and low-cost Computer Vision-based PI system
that digitizes and transforms stores. Focal's AI leverages a
network of patented low-cost shelf cameras that digitize the sales
floor and backroom hourly to deliver impactful operational
efficiencies, availability increases, sales growth, and inventory
reduction. Entering 2021, Focal Systems had 10,000 cameras
deployed, and over the course of the year, that number has grown
400%, with more than 40,0000 additional cameras deployed to major
retailers across the globe. The company already has commitments to
deploy an additional 200,000 cameras in 2022.
"I love partnering with retailers to transform their stores.
Retailers are pushing harder than ever before to adopt Computer
Vision and AI at scale, and Focal is here to help. At a time when
supply chain issues, organized retail crime, and labor shortages
continue to challenge the retail industry, merchants are still
relying on outdated and inaccurate Sales-based PI systems that just
do not work. Approximately half of the out-of-stock items on a
grocery store's shelves are not related to supply chain issues or
labor shortages – they're a result of Sales-based PI systems not
accurately capturing data. Focal solves this," said Francois Chaubard, CEO of Focal Systems.
"Focal Systems has developed a unique platform to help the
world's biggest and most well-known retailers automate and optimize
retail operations to truly maximize cash flows through improved
inventory, supply chain, and labor efficiency," said
Sri Chandrasekar, Partner at Point72
Ventures. "We believe Focal's AI will play a vital role in the
transformation of retail."
"Focal has built and deployed the first Computer Vision-based PI
system that is better on every metric," Chaubard continued. "It
requires no additional labor to manage it and it's much faster and
more accurate at detecting outs and lows, allowing retailers to
actually know what is going on in their stores versus just
guessing. If our cars can drive themselves, why can't your stores?
Focal retailers are doing it today at scale. This funding round
allows us to continue our rapid growth by speeding up our product
roadmap and scaling globally. Focal Systems is providing retailers
the ability to digitize and transform in an era when they
desperately need it."
About Focal Systems:
Based in Silicon Valley, Focal Systems was founded in 2015 with
a very clear mission – to automate and optimize retail. Focal
Systems has deployed solutions to 3 continents in hundreds of
stores, including the global leaders in retail. For more
information visit focal systems or find them at their NRF booth
#3152.
About Point72 Ventures:
Point72 Ventures is a global venture capital strategy led
by a diverse set of domain experts with the capital and mandate to
lead rounds through all stages of a company's growth, from idea to
IPO. The team invests in founders with bold ideas who use the
latest technologies to drive transformational change across
industries. Point72 Ventures offers entrepreneurs access to
expertise and insights, executive and technical talent, and
hands-on support. With offices in the U.S. and Europe, Point72
Ventures is an affiliate of Point72, the global asset manager
founded by Steven A. Cohen. For more
information, visit p72.vc.
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SOURCE Focal Systems