Australian AI Venture Shelfie Receives Fresh Series A Funding From d:tribe Capital

Shelfie

Shelfie uses AI and deep learning technology to optimize merchandising layouts and prevent stock shortages

Australian AI retail shelf analytics platform Shelfie, a part of Lakeba Group, has raised an undisclosed amount in a Series A funding round from Singapore-based technology venture capital firm d:tribe Capital, according to a statement released by d:tribe today.

The current investment follows d:tribe’s seed investment in Shelfie in 2017. The latest funds will be used to expand into the U.S. and European markets, according to the press report.

Founded in 2017, Shelfie uses cameras and AI to scan shelves and take images, and provides real time stock reporting. It uses cloud-based advanced machine learning, image processing algorithms, and deep learning technology to analyze and optimize shelf images.

The data is sent to the dashboard and mobile app which are automatically synced to mobile devices, informing floor staff of when to re-stock items. Its open API is used to integrate Shelfie with existing point of sale systems.

Shelfie was designed to help identify sales trends via Stock Keeping Units (SKUs), which allow retailers to track the movements of inventory, thereby helping sellers to optimize merchandising layouts. The technology also helps retailers maintain on-shelf-availability (OSA), reduces stock shortages, and estimates loss of sales.

According to a 2015 study by IHL Group, a global research and advisory firm, inventory distortion can lead to missed opportunities amounting to US$1.1 trillion annually worldwide. In a highly inefficient industry, inventory distortion is a hidden opportunity for retailers, the report claims.

The press statement added that retailers who currently use Shelfie have already benefited from the advancements of artificial intelligence in an increasingly saturated and competitive market clouded by inefficient stock management – a big risk that retailers can’t afford to make, especially with the lingering effects of COVID-19.

d:tribe Founder Martin Berry said, “We love what the team at Shelfie is doing in helping retailers solve major pain points around inventory optimization, helping to boost sales revenue, transform efficiency and improve the customer experience. AI, Big Data and Deep Learning tech are at the core of the Shelfie proposition, technologies that we at d:tribe Capital believe will transform industries moving forward.”

Header image courtesy of Shelfie.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

9 Signs of Poor Management and How to Address Them

9 Signs of Poor Management and How to Address Them

No organization is perfect, but some are definitely better than others when it comes to management. Unfortunately, bad management can have a ripple effect throughout an entire company, leading to low morale, high turnover and decreased productivity.

Navigate the Changing Startup Landscape with Cyberport Venture Capital Forum 2022

Navigate the Changing Startup Landscape with Cyberport Venture Capital Forum 2022

The past couple of years have been extremely difficult for the global startup ecosystem. According to U.S.-based financial services company Moody Analytics, global economic growth estimates have fallen to 2.7% as of September this year, compared to 4.2% in January. Not only has the world undergone a tremendous transformation due to the COVID-19 pandemic.

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Off-Chain vs. On-Chain Crypto Transactions: Which One Is Better?

Knowledge is power; when it comes to cryptocurrency, the more you know, the better financial decisions you will make. There is a lot to learn within the cryptocurrency space, such as how the different layers of blockchain technology work and which blockchain has the fastest transaction speed. Another important thing you need to know regarding blockchain transactions is the differences between off-chain and on-chain transactions—and which one can save you more money!

5 Essential Tricks to Master Microsoft Excel

5 Essential Tricks to Master Microsoft Excel

Microsoft Excel (MS Excel) is a must-have for any business. It is a powerful spreadsheet software application that allows users to store, organize and analyze data. While Excel is fairly easy to use, it can be tricky to become an expert. Don’t know where to start? We have compiled a list of easy-to-follow hacks that will help you become a pro at Excel!

Top Three Weirdest Mobile Game Advertisements

Top 3 Weirdest Mobile Game Advertisements

Whether on YouTube or Instagram, I’m sure you all must have seen at least one mobile game advertisement. One common trope with today’s mobile game advertisements is that they tend to mislead their audience.
You might have come across these weird ads while scrolling through social media: In the ad for the strategy game “Game of Sultans”, a sultan is fat-shaming his daughter; in the match-three puzzle game “Lily’s Garden” ad, women use washing machines as vibrators.