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Exclusive: Gather AI nets $17M for inventory drones

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Mar 27, 2024
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Illustration: Tiffany Herring/Axios

Gather AI, which offers drone-powered warehouse inventory monitoring, raised a $17 million Series A extension led by Bain Capital Ventures, CEO Sankalp Arora tells Axios exclusively.

Why it matters: Out-of-stocks and overstocks cost $1.77 trillion last year, according to research and advisory firm IHL Services.

Zoom in: Tribeca Venture Partners, Dundee Venture Capital, Expa and Bling Capital also participated, bringing total funds raised to $34 million.

  • The round has a two-to-three year runway, with sufficient capital to get the company to cash-flow positivity, Arora says.

How it works: Gather AI's software works with any kind of commercial, off-the-shelf drone, as well as cameras and computer vision, to help companies manage their inventory.

  • The drones fly autonomously throughout warehouses, scanning items, taking images and collecting information at a pace 15x faster than manual methods, Arora says.
  • Its web dashboard allows workers to see and track their inventory data in real time.

Between the lines: Gather AI's tech doesn't require much capital expenditure or infrastructure changes to implement, Arora says.

  • With off-the-shelf drones and cameras, the company "can visually inspect a warehouse with no additional equipment needed, no positioning, no sensors or beacons required" thanks to AI, Bain Capital Ventures' Ajay Agarwal says.
  • This has given Gather AI significant commercial traction, adding on more and more facilities, because it is deemed reliable and lowers hardware costs, Agarwal says.
  • The company's supply chain customers include NFI, GEODIS, DSV, Barrett Distribution, and DPI Specialty Foods (KeHE).

What's next: Next year, the company hopes to offer the same technology stack for a forklift camera, Arora says.

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