The company's AI software aims to reduce waste in the retail industry by helping retailers avoid issues like excess inventory or stockouts. Its clients include Reformation and Faherty Brand, with the former reporting improved stock allocation and increased in-store availability of items from 70% to 90% without purchasing more inventory, thanks to Syrup's solution.
Key takeaways:
- Syrup Tech Inc., an AI startup that aids fashion retailers in inventory management, has raised $17.5 million in a funding round led by Accel, bringing its valuation close to $100 million.
- The company's software uses AI to reduce retail industry waste, a significant issue, especially during the holiday season.
- Investors in the startup include Google’s Gradient Ventures and 1984 Ventures. The company plans to use the funding to expand its team from 30 to 70 employees by the end of next year.
- Syrup’s customers include Reformation and Faherty Brand, with the former reporting improved stock allocation and increased efficiency in distribution and warehouse facilities due to Syrup's services.