When you think robots, you may not think retail, but Bossa Nova Robotics hopes it can get everyone to think a little differently about that. And given that they just raised $14 million, their vision of a robotic retail future might be more future tech than science fiction than one would think.
Bossa Nova’s robots don’t run like a cheetah or do any of the flashier feats robots have pulled off of late. No, the Bossa-Bots (they don’t call it that, but they should. You’re welcome.) serve retailers through automation and analytics.
It keeps track of what is on the shelves — and restocks them.
And there is reason to think the bots will do better than the humans whose job that currently is, given that millions a year are lost to errors like out-of-stock products, misplaced items, inaccurate inventory and more.
“Inventory inaccuracy, empty shelves or misplaced items result in significant loss of revenue for retailers each year,” explains Martin Hitch, CEO of Bossa Nova Robotics. “Bossa Nova’s technology helps recapture those lost sales by collecting high-quality, time-sensitive data that provides detailed, accurate and actionable information to help store staff improve retail shelf compliance.”
The $14 million came in as part of Bossa Nova’s Series A, led by WRV, with participation from private investors, and will be used to deploy its robots full-time in retail stores.
“Bossa Nova addresses a multi-billion dollar opportunity within the retail marketplace, and is a technology that can be immediately deployed by major retail chains,” said WRV’s Nic Brathwaite. “The product has already proven successful in stores and integrates seamlessly with existing inventory management systems.”