Micro Markets
Automated ordering tech firm CoolR Group raises $10M
October 14, 2022
CoolR Group, a provider of automated ordering for brands using AI-based image recognition, has announced a $10 million round led by long-term VC investor First Analysis, according to a press release. Moneta Ventures and Remarkable Ventures also are participating in the oversubscribed round. The company will use the capital to drive growth and invest in R&D.
The company uses its proprietary cameras along with third party apps and devices to collect images in real time from shelves, then translates those pictures into prioritized actions, allowing brands to deploy their people and resources to the most immediate and beneficial issues.
"With CoolR's cameras in their in-store refrigerators and freezers, CoolR's brand and distributor customers can automatically ensure their goods are cost-effectively stocked when and where needed, yielding paybacks in as short as a few months — a rare feat in IoT," First Analysis Senior Vice President David Gearhart said in the press release.
