Simbe Secures $26 Million In Funding

Thursday, 12 September 2019 16:37

Simbe Robotics, Inc. announced two separate funding deals today – a Series A equity financing round and an inventory financing agreement with SoftBank Robotics (SBR). The $26 million Series A was led by Venrock with participation from Future Shape, Valo Ventures, and Activant Capital. The equity capital will go toward business operations including growing their team; scaling sales, marketing and customer success functions; and continued investment in R&D.

Founded in 2014, Simbe provides data-driven inventory solutions for retailers. Additionally, Simbe’s Tally robot is capable of performing multiple store traversals per day and executing a variety of auditing tasks.

Following their initial partnership to scale Simbe’s business globally, SBR and Simbe will expand their collaboration to include inventory financing, accelerating Simbe’s global deployment of Tally. The funds will support scaled manufacturing of an additional 1,000 Tally units over the coming two years.

“With Simbe, retail stores can free up scarce labor to spend more time doing high-value activities like interacting with customers. Retail is changing, and stores must modernize to succeed in today’s environment,” said David Pakman, partner at Venrock and a Simbe board member in a statement.