Augmodo Raises $21M to Expand AI Inventory Tracking Platform

Augmodo, a Seattle-based company developing wearable spatial computing devices and AI-powered inventory tracking software, has raised $21 million in a funding round.

The investment values the company at a $350 million post-money valuation. Existing investor TQ Ventures led the round. Other participants included Lerer Hippeau, Jefferson River Capital, Arena Holdings, Chemist Warehouse, New Fare, Interlace, and Webb Investment Network.

Funding to Support Product Development and Global Expansion

The company plans to use the new capital to strengthen its global enterprise operations. In addition, it will invest in its computer vision and machine learning technologies. The funding will also help Augmodo expand its engineering team and improve its ability to process data across multiple industries.

Wearable Devices for Automated Inventory Management

Founded by Ross Finman, who serves as CEO, and Bradford Snow, the company's CTO, Augmodo develops lightweight wearable devices called Smartbadges.

The Smartbadges feature dual cameras and combine computer vision, spatial computing, and 3D mapping technologies. As employees move through a facility, the devices automatically capture inventory data and generate real-time digital store layouts, known as Realograms.

Expanding Beyond Grocery Retail

Although Augmodo initially focused on grocery retail, the company has expanded its technology into additional sectors. Today, its solutions are also used in warehouses, manufacturing facilities, hospitals, and facility maintenance operations.

The latest funding is expected to support the company's continued product development and broader adoption across enterprise environments.

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