• Latest
  • Trending
  • All
Pensa Raises $10 Million in Added Funding to Automate Retail Inventory Visibility

Pensa Raises $10 Million in Added Funding to Automate Retail Inventory Visibility

November 20, 2019
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
Coronavirus | Punjab all set for wheat procurement within lockdown norms

Coronavirus | Punjab all set for wheat procurement within lockdown norms

April 14, 2020
Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

April 14, 2020
Mzee Moi’s Ksh10B Gift to Gideon

Mzee Moi’s Ksh10B Gift to Gideon

April 14, 2020
Covid Knights: Corporate social purpose in the time of COVID-19

Covid Knights: Corporate social purpose in the time of COVID-19

April 14, 2020
How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

April 14, 2020
Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

April 14, 2020
LATAM Cargo strengthens European cargo links

LATAM Cargo strengthens European cargo links

April 14, 2020
Labour a worry as Punjab prepares for procurement | Chandigarh News

Labour a worry as Punjab prepares for procurement | Chandigarh News

April 14, 2020
Ford making reusable hospital gowns from airbag materials as efforts against coronavirus expand

Ford making reusable hospital gowns from airbag materials as efforts against coronavirus expand

April 14, 2020
Don’t Sweat NBC’s Decision to Cut Back on Television Ad Inventory

Don’t Sweat NBC’s Decision to Cut Back on Television Ad Inventory

April 14, 2020
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us
No Result
View All Result
United States International Supply Chain Commission
United States International Supply Chain Commission
Home Inventory

Pensa Raises $10 Million in Added Funding to Automate Retail Inventory Visibility

by usiscc
November 20, 2019
in Inventory
0
Pensa Raises $10 Million in Added Funding to Automate Retail Inventory Visibility
494
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

News Image


AUSTIN, Texas (PRWEB)
November 20, 2019

Pensa Systems, a leading innovator in autonomous perception systems, today announced it has raised $10 million in additional seed funding to accelerate deployment of its breakthrough solution for retail inventory visibility. The company has now raised a total of $17.2 million. The funding is led by existing investors Signia Venture Partners and ATX Venture Partners, and joined by Commerce Ventures, Capital Factory and Revtech Ventures, alongside new investment from retail industry veterans David Ritter and James McCann. Existing seed investors include ZX Ventures, the investment arm of Anheuser-Busch InBev; Mick Mountz, the founder and CEO of Kiva Systems; and others.

Additionally, ATX managing director Chris Shonk has joined Pensa’s board of directors, and James McCann and David Ritter have joined the company’s advisory board.

The new funds will be used to accelerate delivery and deployment of Pensa’s retail inventory visibility system, which uses advanced computer vision, patent-pending artificial intelligence and autonomous drones to see and understand what’s on store shelves. The system helps brands and retailers minimize stockouts, optimize product planning and increase revenue. The system’s unique approach detects stockouts with 98+ percent shelf accuracy and is scalable across store locations due to its simple, flexible, low-cost-per-store deployment model.

Retailers alone lose an estimated $1T in revenue every year due to not having what customers want on the shelves. The Pensa system represents the one of the industry’s most accurate and broadly scalable solutions to the stockout problem, providing brands and retailers with a significant opportunity to improve store operations, adjust shelf assortments and optimize the supply chain for increased revenues and better profit margins.

“It is now clear that the combination of AI and vision technology will have an enormous impact on retail store operations,” said McCann, who has spent his career running grocery retail businesses around the world for Ahold-Delhaize, Tesco and Carrefour. “Having looked at the different start-ups in this area, I believe that Pensa’s combination of industry leading accuracy and much lower capex requirement will make them the winning options for most retailers.” McCann is currently CEO of McCann Investments & Advisory, which has invested in some of the most exciting startups in grocery tech, food tech and consumer goods area.

Pensa debuted in January at the National Retail Federation 2019 conference as part of Intel’s booth, having completed pilots with major retailers and global brands including Anheuser-Busch InBev (AB InBev). Since launch, Pensa has expanded into multiple commercial deployments where it has validated the system’s effectiveness with multiple brands and retailers, across multiple store formats and product categories. Due to its unique ability to learn and visually recognize individual items on each shelf, Pensa has demonstrated up to 40 percent more accuracy in stockout detection over industry best practice of “gunning the holes” looking for gaps on the shelf. In actual store deployments, it has also proven the value of higher frequency shelf scans to pinpoint up to several percentage points of profitability shortfall caused by store operations versus supply chain practice, or the quantity and variety of items stocked in a given category.

“In my career at McKinsey, I worked closely with the world’s leading retailers on various strategies to improve store operations,” said David Ritter, former Partner and Leader of Retail-Store Operations Practice at McKinsey & Company. “I’ve never seen anything that comes close to Pensa’s shelf inventory approach. Combining AI, computer vision and drones to automate delivery of actionable data – it’s a game changer for brands and retailers alike.”

“There’s a lot to be excited about with Pensa,” said ATX managing director Shonk. “We have been impressed with the technology and early customer feedback, as well as the focus of the management team. We get really excited when we see artificial intelligence being used to shake up a big, stalwart industry – and deliver the insights needed to help it advance.”

McCann and Ritter join a Pensa advisory board that already includes several top authorities in retail inventory, robotics technology, and AI/machine learning. These include Tom Gruen, a pioneer in out-of-stock and category management analytics; Mick Mountz, founder and CEO of Kiva Systems, which pioneered the use of mobile robots for warehouse automation and was acquired by Amazon; and leading researchers in robotics and machine learning from Carnegie Mellon University and University of Texas at Austin.

About Pensa Systems

Pensa is a leading innovator in autonomous perception for retail inventory. Its system uses breakthrough technology – including artificial intelligence, autonomous drones and computer vision – to see and understand what’s on store shelves, providing crucial data to minimize stockouts, optimize product planning, and boost revenues and profitability. Pensa partners with top retailers and CPG brands globally to address a trillion-dollar “blind spot” at a critical time for the retail industry. Please visit http://www.pensasystems.com to learn more, and stay connected via Twitter and LinkedIn.

About Signia Venture Partners

Signia Venture Partners is a unique early-stage venture fund dedicated to helping passionate entrepreneurs realize their vision and build impactful, high-growth ventures. Our team is made up of proven entrepreneurs with a track record of success and experience at every stage of growth and with a hands-on approach to technology investing. More at http://signiaventurepartners.com.

About ATX Venture Partners

ATX Venture Partners is the premier Seed – Series A venture fund in the South Central US. Based in Austin, Texas, the firm leads early-stage financing rounds, rallies talent, and assists exceptional founders in building epic businesses. The firm’s focus is frontier technology that dramatically transforms legacy industries or pioneers new markets primarily in the supply chain/logistics, transportation/freight, manufacturing, retail/inventory and workforce optimization arenas.

Share article on social media or email:

Share198Tweet124Share49
usiscc

usiscc

  • Trending
  • Comments
  • Latest
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
3 keys to mitigating severe supply shortages from coronavirus disruption

3 keys to mitigating severe supply shortages from coronavirus disruption

March 18, 2020
Corteva responding to changes in agriculture supply chain | 2020-03-06

Corteva responding to changes in agriculture supply chain | 2020-03-06

March 6, 2020
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

0
Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

0
PHOTOS: Ottawa firefighters respond to warehouse fire

PHOTOS: Ottawa firefighters respond to warehouse fire

0
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
Coronavirus | Punjab all set for wheat procurement within lockdown norms

Coronavirus | Punjab all set for wheat procurement within lockdown norms

April 14, 2020
  • Privacy Policy
  • Terms of Use
  • Disclaimer
  • DMCA
  • Contact Us

Copyright © 2021 United States International Supply Chain Commission (usiscc.org)

No Result
View All Result
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us

Copyright © 2021 United States International Supply Chain Commission (usiscc.org)

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.