Dexory, a company that services warehouses with real-time inventory management data using AI software and autonomous robots, has raised $19 million in a Series A funding round led by European VC Atomico.
Founded in London in 2015, Dexory's product can be divided into two groups. On the hardware side, the company is developing robots with sensors and cameras to capture data as they pass through a warehouse, taking continuous photos of the shelves while they move at a speed similar to that of a normal step (for example, half a meter / second). The robots obtain 3D scans of the site, which give information on aspects such as dimensions, shapes and sizes, and volumes of products found on the shelves.
Dexory then uses computer vision and machine learning to process the captured data, while linking it to the physical location of the stock but within a digital twin, i.e. an equivalent complete virtual world counterpart real.
“Robots can be operated multiple times a day or once a day depending on their shift patterns, even during the night,” said Dexory co-founder and CEO Andrei Danescu. “Collecting data information in a short space of time, on an ongoing basis, enables analysis to identify on-site issues and decision-making to drive warehouse operational efficiency.”
Dexory Software Image credits:Dexory
Dexory says its customers use its platform for any number of use cases, such as performing autonomous stock checks throughout the day, reducing the need for labor-intensive manual inventory. This can also be helpful in resolving some of the common warehouse pain points, such as identifying lost pallets or other misplaced products.
However, instinctively, this will never be a perfect solution in all scenarios, since it is surely not possible to see every item on a shelf, especially if they are stacked in rows or located high on shelves. But Danescu believes it will go a long way toward solving at least some of the stock control problems.
“If the products are one after another, the solution may not be able to identify exactly which products they are; Of course, if there is no label to read, there is nothing to identify,” Danescu said. “But because of the 3D scans, it will allow operators to know that there are something more there, and show them a picture of what it is, solving more than 80% of the problem.
Additionally, stock controls are not the entire purpose of the Dexory platform. It could also be used to control space optimization, for example where there may be large empty spaces. Or it could be used to forecast capacity, or even as part of a company's safety compliance workflow, where it can detect any dangerous situations that arise.
While there are countless robotics companies already infiltrating the retail sphere with similar intelligence, including Bossa Nova, Simbe and Zippedi, Danescu says they aim to differentiate themselves from the pack through their focus on larger warehouse-style environments, rather than retail stores: its robots can scan up to 15 meters (50 feet) high through physical expansion.
“We have new solutions planned to go further (more than 19-20m), but that is just 2-3% of the market,” Danescu said.
Dexory in action Image credits:Dexory
Scale
For now, Dexory operates in the UK and Ireland in the logistics and supply chain, air cargo, retail, e-commerce and manufacturing sectors, with clients including Menzies Aviation, Denso Manufacturing UK, Fuio and Maersk. In fact, the news of the investment expansion comes after Maersk revealed that extends your service and partnership with Dexory to include more warehouses in the UK and Ireland area, after entering a group initial proof of concept in January, shortly after Dexory had left. renamed from BotsAndUs.
With its new cash injection, Dexory has raised a total of $37,9 million across its various rounds, and plans to scale its platform to new markets, including the US, Germany, and the Netherlands.
In addition to lead investor Atomico, the round Serie A of Dexory included participation from early Facebook and Spotify investors Lakestar; Maersk Growth, the investment arm of Danish shipping and logistics giant (and Dexory customer) Maersk; and London-based early-stage VC Kindred Capital.
