Syrup Tech secures $17.5M to bring AI into shopping logistics

Syrup, an innovative tech company, is leveraging artificial intelligence (AI) to help reduce waste in the retail industry. This is a pressing issue, especially in the wake of cyber shopping sprees this holiday season.

• Funding Details: Syrup is backed by notable investors like Google's Gradient Ventures, an AI focus fund, and 1984 Ventures. This recent funding round has propelled Syrup's valuation to nearly $100M.

• Company Mission: Co-founded by CEO James Theuerkauf, Syrup is tackling the retail industry, one of the world's most wasteful sectors. The founders initiated Syrup in 2020 after witnessing retailers scramble to meet fluctuating inventory demands during the pandemic. These rapid shifts in consumer behavior significantly disrupted retail supply chains.

• Company Goals: The New-York based startup plans to increase its workforce from 30 to 70 by the end of next year. The recent funding round brings their total capital raised to approximately $25M.

• Clientele: Current clients of Syrup include Reformation and Faherty Brand. Ivan Tchakarov, the COO of Reformation, applauds Syrup for its help in improving inventory allocation across 40 stores and boosting warehouse efficiency.

Tchakarov emphasizes the necessity of precise demand prediction, a task that's challenging with spreadsheets alone. With Syrup's help, Reformation has increased in-store product availability from 70% to 90% without purchasing additional inventory.