Bossa Nova Raised $17.5 Million For Robotics Tracking Inventory
Bossa Nova, a company that builds robots to track inventory on store shelves, announced today that it raised a $17.5 million round of series B funding.
Paxion Capital Partners led the round, which included participation from Intel Capital, WRV Capital, Lucas Venture Group, and Cota Capital.
This round of funding builds on a $14 million round that Bossa Nova announced last year, and brings the company’s total amount raised to $41.7 million.
Hitch said one of the key reasons for raising new capital is that the company wants to keep its lead in data and deployment of its technology, relative to potential competitors.
The company’s robots are designed to autonomously navigate a store and take stock of what’s on the shelves. In theory, they should automate a tedious and time-consuming task that was previously done by sending humans around to look at how stock levels for each item were doing.
Martin Hitch, Bossa Nova’s chief business officer, said in an interview that the company plans to use the funds to bring on new talent in key teams, with a special focus on people who can help with the autonomous navigation systems for the robots, as well as the AI capabilities used for scanning shelves.