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Knowing how much your brand is and what kind of stock is needed involves a complex web of information that companies often track on spreadsheets or older systems that do not provide a complete picture of the business.
Now, with $ 6.3 million in new funding, Syrup Tech is feeding on data such as marketing, marketing and invention and leveraging speculative advice using artificial intelligence in conjunction with other data, including social media trends and weather. And machine learning. In this way, marketers and planners have better information on what they need and can reduce some waste.
“I used to be in McKensey and I was shocked to see merchants spend hours on spreadsheets,” James Tururf, co-founder and CEO of Syrup Tech, told Tech Crunch. “My idea was to allow the AI to break the numbers and allow the trader to make creative decisions using AI as a support.”
According to Turkaf, commodity forecasting is becoming more and more difficult, especially when brands are fighting, which makes them compensate by ordering more. This may lead to the need to stockpile and mark down, which we have recently seen that both Walmarth and Target have to clean up their inventory. All of this profits often end up in garbage dumps.
Syrup Tech Storage Management Dashboard. Image thanks Syrup Tech
The supply chain problems are causing problems with the product management gears, and Syrup Tech is working to make recommendations soon, so if it waits 40 days, merchants must receive an order now, or if it waits 10 days, they can postpone those decisions.
Syrop Tech Tech customers (currently working with eight) said they have saved time by reducing stockpiling, reducing stockpiles and waste, and eliminating manual processes.
“The global supply chain is a bit of a‘ blessing ’because now that this is a focus on goods, there is a lot of interest in knowing this and the transition from other hereditary systems to modern systems,” Theurcaf added.
In fact, a far-fetched company has launched its ARS-based forecasting tool for 2020, and recently other companies focused on attracting venture capital, including ZDP and Inventan.
What makes Cirrop Tech unique is that, according to Theuerkauf, it is taking a strong approach to merging its forecasting process through AI. He believes that no one has thought of this before the company.
Meanwhile, revenue has doubled in the last 12 months and increased by 2.5 times since the beginning of 2022, Turkaf said. The company is currently working with eight customers, mainly in the area of fashion footwear, and has five other reservations.
The company closed its support program in June, providing a total of $ 7.3 million. Gradient Ventures or GV led the new round, featuring Flridge Capital, First Minute Capital, Rackhouse Ventures and Angel Investments from former executives at Adidas, Bonobos, Salesforce, ASOS, ThredUp, Zalando and Stripe. Last year, Syrup Tech, which led the pre-race cycle, invested in 1984.
Theuerkauf plans to use most of the money to increase the company’s 14-person workforce. It is also looking to increase product development and further usage issues. The company used to look at the most up-to-date items, but now it’s up to the plumber to focus on plumbing and manufacturer’s recommendations.
The new funding will “put the company in a strong position for the next few years,” he said.
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