Title: Verity Secures Additional $11M Funding for Inventory Drones
Swiss startup Verity has announced the procurement of $11 million in funding for its inventory drones. This funding extension is part of the $32 million Series B funding round that was initially announced in March, bringing Verity’s total raised funds to $43 million. The company has gained substantial momentum within the industry, aided by its partnership with Ikea, which saw 100 Verity drones deployed across 16 of the furniture giant’s European warehouses.
While Verity has deployed its drones in 13 countries, specific details regarding deployment metrics have not been disclosed. Nevertheless, the potential market for inventory drones is vast, encompassing third-party logistics firms, retailers, and manufacturers that require efficient inventory management.
Several companies, including Simbe and Bossa Nova, have focused on front-of-store shelf scanning solutions. However, the scale, scope, and height of warehouse shelves pose unique challenges. London-based Dexory has addressed this issue by developing a wheeled robot equipped with an extending scaffolding system capable of reaching high shelves that are otherwise difficult to access.
Drones present a natural solution for this task, given their small and agile nature, allowing them to reach even the highest shelves. As a result, numerous startups, such as Y Combinator-backed Corvus, have flooded the burgeoning inventory drone market. The key to success lies in developing systems that enable drones to fly indoors and avoid collisions even in environments with limited connectivity.
The recent funding round for Verity was led by A.P. Moller Holding and prominently includes Qualcomm Ventures as a participant. Boaz Peer from Qualcomm Ventures stated, The supply chain of the future is autonomous and automated. Verity’s self-flying drone technology and advanced warehouse inventory analytics are helping transform supply chains by enabling end-to-end, real-time visibility. We’re excited to invest in Verity as it scales its operations internationally.
Qualcomm Ventures has a vested interest in supply chains and logistics, as these sectors have been plagued by uncertainty in recent years. Labor shortages have further fueled the demand for automation across the industry, and automating inventory management is a logical step.
Several drone inventory startups have mentioned scaling as an obstacle, with a backlog of potential clients. Verity plans to utilize this funding round to support their scaling efforts and successfully bring their solution to market.
In conclusion, Verity’s latest funding round will enable the company to expand its inventory drone operations, as it garners support and recognition as a key player in the evolving landscape of autonomous supply chains. By leveraging the unique abilities of drones, Verity aims to revolutionize inventory management in warehouses worldwide, addressing the industry’s need for efficient and automated solutions.
