Shelf Engine has raised $41 million in a series B funding round to expand its automation solutions to grocers facing mounting customer, labor and competitive pressures. Currently live in more than 2,000 grocery stores nationwide, Shelf Engine's intelligent forecasting and order automation system uses advanced statistical models, machine learning, and neural networks to generate the most accurate orders for grocers, drastically increasing sales and margins while reducing the 43 billion pounds of food the industry wastes every year, according to the company.
"Grocery retailers today need to innovate quickly or they'll put their companies at risk," said Stefan Kalb, co-founder and CEO, Shelf Engine, in a statement. "We're reducing waste, while simultaneously increasing sales, and that goes straight to the grocer's bottom line. We're helping grocers to make much more money, better positioning them to gain market share and offer competitive prices, especially important as tech giants and other disruptors are entering the market. This latest round will enable us to further meet the demand from our customers to launch into thousands of new stores in the next 18 months."
The round, which brings Shelf Engine's total funding to date to $58 million, will enable Shelf Engine to further invest in its rapidly growing team of engineers, data scientists and supply chain automation experts.
Related: Instant Grocery Delivery Services Raises $15.4 Million; Retailer, E-Commerce Platforms Gain Funding.
Image: Shelf Engine