Revolutionising Retail with AI and Shelfie
SINGAPORE, 4th May 2020 – DTRIBE Capital has announced a ‘Series A’ follow-on investment into Shelfie, an Australian Artificial Intelligence company providing unique solutions for retailers. Despite uncertain times, d:tribe continues to back promising companies like Shelfie.
A recent study from IHL Group found that stockouts are costing global retailers close to $1 trillion (USD) in lost revenue per annum. Shelfie has developed a breakthrough solution that helps retailers to grow revenue and improve staff productivity by using AI and deep learning technology to automate the manually intensive and error-prone process of minimising stock gaps on shelves,
Shelfie uses cameras and AI to scan shelves, taking images and enabling real time stock reporting. A cloud-based advanced machine learning and image processing algorithm is used to analyse the shelf images. The data is sent to the dashboard and mobile app which are updated automatically to mobile devices informing floor staff to re-stock specific items. This is designed to help identify sales trends via every SKU and provide real time insights to optimise merchandising layouts.
Following on from seed funding in 2017, this additional investment from DTRIBE Capital will be used to expand into the US and European markets by sharing this ground breaking adaptive learning technology on a global scale.
Retailers who currently use Shelfie have already benefited from the advancements of artificial intelligence in an increasingly saturated and competitive market clouded by inefficient stock management – a big risk that retailers can’t afford to make, especially with the lingering effects of COVID-19.
Shelfie has also caught the attention of Microsoft’s Chief Executive Officer, Satya Nadella who said: “Shelfie has taken perhaps the real frontier of retailing… every physical outlet in retail is going to be transformed by AI… using cameras, you can now dynamically start using data to help any retail outlet.”
Adding to that sentiment is DTRIBE Capital Founder, Martin Berry who said:
"We love what the team at Shelfie is doing in helping retailers solve major pain points around inventory optimisation, helping to boost sales revenue, transform efficiency and improve the customer experience. AI, Big Data and Deep Learning tech are at the core of the Shelfie proposition, technologies that we at d:tribe Capital believe will transform industries moving forward. We will continue to actively look out for opportunities in companies here, and in the region, that are developing such innovative technologies.”
Learn more about Shelfie: https://shelfieretail.com/
N: Jessica Stewart
M: +65-9692 7145