Syrup has raised $17.5 million in a Series A round to expand its artificial intelligence (AI)-powered platform that helps brand optimize their inventory for omnichannel commerce.
The firm will use the new funding to add to its engineering, product and sales teams and expand its platform, Syrup said in a Friday (Dec. 1) press release.
“Our goal is to help brands sell more and waste less, every day,” James Theuerkauf, CEO and co-founder of Syrup Tech, said in the release.
Syrup uses AI to simplify inventory buying, allocation, replenishment and rebalancing, according to the press release.
The platform brings together a variety of data — inventory, historical, transactional and real-time — to increase accuracy in forecasting, take the guesswork out of merchandise planning and reduce overproduction, the release said.
“Advancements in AI allows us to deliver inventory forecasts at the item x size x color level — much more granular than what current practices allow for,” Theuerkauf said in the release.
These capabilities help brands meet the challenges of stockouts and wasted inventory, the cost of which totals $250 billion in the apparel and footwear space alone, according to the press release.
Syrup’s latest funding round was led by global venture capital firm Accel Partners, with participation from existing investors Gradient Ventures and 1984 Ventures, the release said.
“In a world with recurring supply chain disruptions, true omnichannel networks and sustainability-minded consumers, there is a need for next-generation systems,” Accel Partner Sara Ittelson said in the release. “We believe Syrup Tech is well positioned to lead in the next wave of AI-powered retail technology.”
Emerging technologies like generative AI allow retailers to improve inventory management, deliver increasingly personalized experiences and optimize their operations more generally, PYMNTS reported in August.
In another recent development in this space, Alloy.ai said in September that it has added new predictive and generative AI features to its software platform. These features aim to help consumer brands overcome the sales, inventory, forecasting and supply chain challenges they face in today’s uncertain economy.
In January, Google Cloud and Deloitte said they are working with grocery retailer Kroger to use AI to provide information on shelf-stocking and inventory, among other matters.
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