Technology

Pensa Systems funding investment hits $28M

Photo by istock.com

June 11, 2021

Retail technology company Pensa Systems has announced a total investment of $28 million following a Series A round of $11 million led by ATX Ventures and Circle K Ventures.

The company, which debuted in 2019 with merchandise stocking and in-store data and analysis technology, said Johnson & Johnson, General Mills and convenience store Circle K are using its systems to deal with out-of-stock merchandise challenges, according to a press release.

The Pensa shelf intelligence data technology analyzes and reports what's happening on every shelf, using mobile phones and drones to collect data and AI and computer vision for analysis.

"Major brands and retailers are realizing that Pensa has the best answer to the trillion-dollar problem of in-store visibility, which has only become more acute with the explosion of omnichannel," Chris Shonk, managing director of ATX Venture Partners, said in the release. "Pensa's patented and frankly groundbreaking AI approach and novel use of automation is generating at-scale primary data and analytics for the first time in this last true black box of our modern economy."

The Pensa technology is being piloted in a number of Circle K locations in Central Texas.

"We look forward to working with Pensa as a way to improve the store experience for both our customers and team members," Mike Bott, head of digital innovation at Circle K, said in the release. "Leveraging advanced technology to continuously improve in-store availability of key products is a top priority. Collaborating with Pensa as a customer and investor presents a promising opportunity for us to optimize store shelves and reduce stockouts."