Austin-based Pensa Systems, a startup that is building tech to automate the shelf restocking process for retailers and manufacturers, has raised $2.2 million to continue its growth, the company said Tuesday.
The $2.2 million funding is the first significant funding round for Pensa Systems. It was led by Austin-based ATX Seed Ventures, an early stage venture capital firm specializing in Texas, and New York-based ZX Ventures, the company said.
The funding will be used to accelerate product development, Pensa Systems said in a news release.
“Pensa's approach is truly novel,” Patrick O'Riordan, a vice president at ZX Ventures, said in a written statement. “Its unique combination of expertise and technology tools — including scalable AI — provides an opportunity to make both timely and significant impacts to out-of-stock throughout the industry.”
Founded in 2016, Pensa Systems is in the process of building predictive technology for retailers’ shelf space.
The privately held company said its technology will help retailers and manufacturers better track inventory than current systems, which they said often rely on humans to check inventory.
A company spokesperson declined to provide further details on Pensa Systems’ technology, since it is still in the trial stage. It’s not clear when the product will be market ready.
News on Open Source is free and unlimited. Access to the rest of 512tech.com comes with an American-Statesman digital subscription, which also includes myStatesman.com and the ePaper edition. Subscribe at statesman.com/subscribe.