Syrup, which is an AI-based inventory management and forecasting software company, raised $17.5 million in the recent Series A funding round. The investment was led by global venture capital firm Accel Partners, with participation from existing investors, which include Gradient Ventures and 1984 Ventures.
When we talk about retail or online stores, keeping the right inventory is a complicated and impossible task. Most brands today are facing these inventory management issues because there are so many SKUs, and you never know what will sell or how much inventory will go to waste. But now Syrup Tech Inc. is trying to solve this problem with its artificial intelligence and machine learning-based inventory software. Based on the sales history and real-time data, it can predict and forecast the inventory for a brand.
With the help of Syrup, inventory planning can be optimized easily. It uses 100 data points to recommend the right amount of inventory depending on the SKUs and the season of sale. You can allocate the inventory across stores, warehouses, and fulfillment centers and better forecast demand and replenishment needs to avoid stockouts, all with the help of AI-based recommendations.
With this new investment, the company will expand its workforce to double to meet market demand and future expansions. It will also invest in further innovations and technology, as well as sales and marketing.
The company’s co-founders are James Theuerkauf (CEO) and Ferdinand Stockmann (COO), and it is headquartered in New York, United States.