IoT based visual AI solution startup, CoolR Group secured $10 Million in funding

CoolR Group, a Chantilly, IoT-based visual AI solution for CPG brands and retailers, has recently secured $10 million in funding.

CoolR Group is founded by Roy Mehta. It helps retailers and CPGs take control of the demand and make sure the right products are in the right place at the right time. The company uses its proprietary cameras along with third-party apps and devices to collect images in real-time from shelves, then translates those pictures into prioritized actions, allowing brands to deploy their people and resources to the most immediate and beneficial issues. The technology monitors frozen, refrigerated, and ambient shelves, collecting data on out-of-stock opportunities, execution results, and product performance.

Roy Mehta, CEO of CoolR Group, said, "Brands need to know what is happening on their shelves; it's never been more vital to their business. Playbook offers that advantage, and it has translated into both a major jump in sales and decrease in operational costs for our customers. Our customers have told us this will be the most impactful change they make to their operations in the next 10 to 20 years."

First Analysis Senior Vice President David Gearhart, said, "With CoolR's cameras in their in-store refrigerators and freezers, CoolR's brand and distributor customers can automatically ensure their goods are cost-effectively stocked when and where needed, yielding paybacks in as short as a few months – a rare feat in IoT. We look forward to helping CoolR scale further and unlock its full potential."

The round was backed by the First Analysis with participation from Remarkable Ventures and Moneta Ventures.

The AI and IoT startup as of now has plans to use the new funds to expand its business outreach and invest in R&D.