|
Listen to this article  |
Simbe won an RBR50 award for expanding its Tally deployment at BJ’s Wholesale Stores. Source: Simbe Robotics
Retailers’ desire for data is driving the spread of automation. Simbe Robotics Inc. today announced that it has closed a $50 million Series C equity financing round. The South San Francisco-based company said it plans to use its latest capital to meet the need for retail technology, continue growing its fleet to stores and brands worldwide, and expand into new product areas.
“Retail is a cornerstone of modern society, yet physical stores remain burdened by what we call ‘the last great data desert’ – knowing precisely what’s happening on store shelves,” stated Brad Bogolea, co-founder and CEO of Simbe. “In partnership with top global retailers, Simbe is building the essential system of record to power retail’s operating layer.”
Simbe’s Store Intelligence platform includes the Tally item-scanning robot, which uses computer vision to identify product locations, stock levels, and pricing and promotion information. The platform also includes artificial intelligence to help streamline inventory management and store operations while enhancing store team and shopper experiences, said the company.
Simbe introduced new products, capabilities in 2024
In response to surging demand across retail verticals, Simbe Robotics claimed that its mobile robots and software can provide “unprecedented visibility and near-real-time insights.” The company added that it has refined, expanded, and scaled its platform to automate shelf intelligence for retail banners around the world.
This year, Simbe announced new and expanded partnerships with major chains, including SpartanNash, Wakefern Food Corp., Northeast Grocery, Albertsons Companies, and CarrefourSA. It also strengthened existing partnerships with BJ’s Wholesale Club, Schnuck Markets, and multiple Fortune 500 retailers.
The company was recognized with a 2024 RBR50 Robotics Innovation Award for scaling its collaboration with BJ’s Wholesale Club. In 2024, Simbe introduced products and capabilities including:
- Simbe Brand Insights, which extends the value of near-real-time, shelf-level data to retailers’ vendors, consumer packaged goods (CPG) brands, and manufacturers
- Simbe Virtual Tour, which allows retailers to view their stores from anywhere in the world at a new depth and frequency
- Simbe Mobile app, which streamlines work for store teams by providing a timely, prioritized list of pricing and restocking tasks at their fingertips
- Simbe Wholesale Club Solution, which it said is the industry’s first shelf-intelligence platform designed specifically for wholesale club environments
Goldman Sachs invests in market opportunity
Growth Equity at Goldman Sachs Alternatives led Simbe’s Series C, with participation from Eclipse and Valo Ventures and other existing investors. Since raising its Series B in July 2023, Simbe said it has achieved significant momentum and milestones. The new capital brings the total amount it has raised to more than $100 million.
“Retail automation is a rapidly growing sector, and Simbe is well-positioned to capitalize on the enormous market opportunity due to its strong track record with top global retailers, underscoring its proven impact at scale and strong capabilities,” said Ben Fife, growth equity investor at Goldman Sachs Alternatives.
“We proactively led Simbe’s $50 million round because we recognize their distinct ability to steer retail transformation and meet surging demand for AI and robotics,” he added. “It’s only a matter of time until we see technology like Simbe’s in every retail store.”
Goldman Sachs has more than $500 billion in assets and over 30 years of experience. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets.
Since 2003, Growth Equity at Goldman Sachs Alternatives has invested more than $13 billion in growth-stage companies spanning multiple industries, including enterprise technology, financial technology, consumer, and healthcare.
“Goldman Sachs is renowned for supporting and scaling enterprise technology and automation companies, and this new capital underscores our vision to transform retail with true in-store visibility,” said Bogolea. “Simbe’s technology will power every store, improving the experience for every retailer, brand, employee, and shopper.”
Simbe said it will use the proceeds will be used to accelerate global deployments, broaden retail offerings, and pursue strategic growth opportunities. The company also plans to expand its team, which grew by 100% in the past year, by adding talent at the leadership level for the next phase of its growth.