Bossa Nova, a leading provider of real-time, on-shelf product data for the global retail industry, announced a $29 million funding round led by Cota Capital. With new participation from China Walden Ventures, LG Electronics, and existing investors, this brings Bossa Nova's total funding to $70 million. For more information see the IDTechEx report on new robotics.
The funding will support headcount growth by 50 percent and will further R&D efforts. Additionally, the company is exploring opening international offices due to high global retailer interest. Bossa Nova makes inventory robots for grocery stores and large retailers. The Robots scan the shelves to help employees with restocking, keeping track of where items are located. It can detect objects in an aisle, like boxes, a cart and people and will wait for people to pass and then keep scanning the shelves when all is clear.
Bossa Nova also announced a new manufacturing partnership with Flex, the Sketch-to-Scale® solutions provider that designs and builds Intelligent Products for a Connected World™. Flex's deep multi-industry expertise in applying solutions helps deliver innovation and access to breakthrough technologies to nearly every industry. This partnership enables Bossa Nova to expand production and meet growing customer demand.
Bossa Nova technology and services automate the collection and analysis of on-shelf inventory data in large-scale stores. As a result, retailers are empowered to make real-time, informed inventory decisions and take rapid action. This improves productivity and creates a better shopping experience for consumers. Bossa Nova's robots are currently deployed in 50 Walmart stores across the United States, making it the largest deployment of this kind of technology in any retailer.
"The global retail industry is at a critical inflection point," said Bruce McWilliams, president and chief executive officer at Bossa Nova. Today's retail powerhouses require accurate, real-time product information to create a seamless omnichannel shopping experience expected by all customers. Bossa Nova's technology gives retailers a data-rich and dynamic foundation to transform their store operations. We're thrilled to have Cota Capital's support."
"Bossa Nova and its technology are transforming the retail experience," said Bobby Yazdani, founder and managing partner at Cota Capital. "Bossa Nova is enabling retailers to rethink decades-old processes by providing a combination of sophisticated technologies. They are at the forefront with focused technical expertise, extensive market knowledge, and a world-class team."
Source and top image: Bossa Nova Robotics
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