Has secured $17.5 million in a funding round led by Accel, elevating its valuation to nearly $100 million. The company’s AI software addresses the pressing issue of retail industry waste, especially during peak shopping seasons like the holidays.
With investors like Google’s Gradient Ventures and 1984 Ventures on board, this funding round is poised to further propel Syrup Tech’s innovative solutions. James Theuerkauf, Co-founder and CEO, emphasizes the urgency of tackling retail waste, positioning Syrup Tech as a transformative force in the industry.
Established in 2020 in New York, Syrup Tech witnessed the retail sector grappling with dynamic inventory challenges during the pandemic. The funding infusion will facilitate team expansion from 30 to 70 employees by the end of the next year, marking a significant step in the company’s growth journey. Syrup Tech has now garnered a total of $25 million in funding.
Noteworthy clients such as Reformation and Faherty Brand have benefited from Syrup Tech’s AI prowess. Reformation’s COO, Ivan Tchakarov, highlights the platform’s effectiveness in optimizing stock allocation across stores and boosting overall operational efficiency. Syrup Tech’s predictive analytics empower retailers to enhance product availability without resorting to excess inventory, aligning with sustainable and cost-effective practices.
