Radar reaches unicorn status in series B funding round
CNBC • • business
Key Points:
- Radar, a retail inventory management startup backed by American Eagle CEO Jay Schottenstein, achieved unicorn status after raising $170 million in a Series B funding round, valuing the company at over $1 billion.
- Founded in 2013 by Spencer Hewett, Radar uses ceiling-mounted hardware to read RFID tags with 99% accuracy, helping retailers manage inventory in real-time and reduce theft, errors, and lost merchandise.
- The technology improves in-store inventory visibility, enabling employees to quickly locate items and significantly reduce order cancellation rates for buy online, pick up in store options from 25% to 3%.
- Radar also helps identify inventory shrinkage caused by theft, errors, or damage by providing real-time shipment verification, with some clients reporting up to a 60% reduction in shrink after implementation.
- Major retailers like American Eagle and Gap's Old Navy use Radar's system across more than 1,400 stores, enhancing customer experience by ensuring accurate stock availability in specific sizes and colors.