A DeepTech company pioneering enterprise-level image recognition as a service (IRaaS) has raised 拢5.9m in a Series A funding round.
London-based Neurolabs will use the investment to accelerate its mission to transform ways consumer packaged goods (CPG) brands capture and act on in-store data.
The funding was led by Nauta and brings the firm鈥檚 total funding raised to over 拢9m.
Neurolabs is looking to redefine retail execution with visual AI. With just a smartphone, field teams capture photos of inventory at different points in the supply chain and, within seconds, the company鈥檚 image recognition turns them into accurate product insights.
The technology has already delivered impressive results, with CPG brands reporting a reduction in field operational costs of up to 32% and a 93% reduction in product onboarding time.
鈥淭his funding accelerates our vision: applying synthetic data and Visual AI to solve the $800 billion problem of inefficiencies in CPG supply chains,鈥� said Paul Pop, co-founder and CEO of Neurolabs.聽
鈥淲e’re growing our computer vision engineering team and deepening our commercial footprint across the UK, European and US markets.聽
鈥淥ur platform is already a new benchmark for retail image recognition 鈥� this investment enables us to scale that impact globally.鈥�
Carles Ferrer, General Partner at Nauta, added: 鈥淭he rise of AI-powered products in recent years has been astronomical, but the adoption of truly innovative AI remains a significant challenge 鈥� especially at the enterprise level.聽
鈥淣eurolabs’ use of synthetic data pipelines is enabling some of the world鈥檚 largest CPG brands to rapidly embed Visual AI at the core of their retail operations.聽
鈥淭his commercial traction, combined with the strength of the technology and the team, has really impressed everyone at Nauta. We’re excited to back Neurolabs at this pivotal stage.鈥�