AI Firm LenzTech Bags Over $19M in Financing
Beijing-based AI startup LenzTech announced it has secured new financing totaling 125 million yuan ($19.6 million). The round featured joint investment from Tiantu Capital, Ecovacs Robotics, Yunqi Partners, Zoo Capital and another investment institution.
With the fresh capital, LenzTech intends to accelerate the digital transformation of retailers and optimize the retail inspection robotic solutions. It will continue to exert its strength in the retail AI and IoT fields, and promote the digital transformation of physical retail in the Chinese market.
LenzTech, established in 2015, is engaged in AI image recognition technology in the field of consumer goods. With computer vision technology, flexible crowdsourcing platform and advanced IoT hardware solutions, it transforms daily shelf images into fine-grained store data and promotes the digital transformation of consumer goods-related companies and retailers.
The “retail inspection robot solution” launched by the company is meant for online store monitoring and analysis. With AI, computer vision, algorithm models and Internet of Things equipment, the full scene of physical retail stores is digitized, thus building a systematic, three-dimensional and perceptible offline commodity database.
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The system replaces labor demand through automation, improves the frequency of data collection and provides retailers with continuous and real-time shelf data. It helps retailers automate store shelf data collection, reduce shelf shortage and improve stocking up procedures. The system also reduces price anomalies, improves shelf display and operational efficiency while improving the overall customer experience.
Tang Jinwu, CEO of LenzTech, said: “With this financing, we will continue to invest in our team, strengthen products and aim at at-scale application. We also aim to further lower the threshold of robot costs and promote long-term growth and innovation.”