Focal Systems, a retail automation global industry leader, accomplishes a $25.8Mn Series B financing round, powered by Point72 Ventures, and is also joined in tandem with existing investors Costanoa, Zetta, and Zebra Technologies, among others.
The firm will be utilizing the latest funds for enduring its swift pace of expansion and innovation with its AI-powered retail automation solutions. The firm will also be looking forward to expanding its global sales footprint and the technical teams.
Focal Systems is rolling out with the largest retailers globally, comprising Walmart, to replace legacy Sales-based Perpetual Inventory (PI) systems, with unique real-time, accurate, and low-budgeted Computer-Vision-based PI Systems digitizing and shifting the stores.
Focal AI leverages a network of patented low-budgeted shelf Cameras digitizing sales floor and backroom hourly for delivering impactful operational efficiencies, availability surge, sales surge, and inventory reduction.
During 2021, Focal Systems had around ten thousand cameras deployed, and yes, over the course of the years, that same amount had surged up 400% with additionally 4,00,000 cameras deployed across core retailers globally. The firm also already had an additional commitment for the deployment of additional 2,00,000 cameras within 2022.
As per the statement from Francois Chaubard, CEO of Focal Systems, “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organized retail crime, and labor shortages continue to challenge the retail industry, merchants are still relying on outdated and inaccurate Sales-based PI systems that just do not work.”
He also added: “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.”
Chaubard also continued to add: “Focal has built and deployed the first Computer Vision-based PI system that is better on every metric. 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.
He also explained: “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.\”
Sri Chandrasekar, the Partner at Point72 Ventures stated: “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. We believe Focal\’s AI will play a vital role in the transformation of retail.\”
