ParallelDots and BTV are pleased to announce that the company has just completed a $1.5m fund raise, which includes $1m from BTV. The funds will underpin rapid scaling in 2023, with a Series B funding round planned for 2024.
ParallelDots uses artificial intelligence (AI) image recognition technology to provide real-time shelf monitoring insights. The technology - ShelfWatch - measures in-store shelf KPIs through image capture, providing access to stock availability; the share of shelf; planogram compliance; pricing; promotion execution, and compliance. The US-headquartered company was founded in 2017 by Angam Parashar, Muktabh Srivastava, and Ankit Singh. BTV originally invested in April 2022 with a commitment to further funding in 2023, subject to the achievement of milestones.
ShelfWatch is now deployed in more than 25 countries and 500,000 outlets. The business has also been successful in attracting an increasing number of global clients, including blue chip CPG businesses, and it continues to have a promising pipeline.
Lukasz Garbowski, BTV’s Investment Director says:
“ParallelDots is one of BTV’s most successful capability investments, with its technology allowing BAT to run its operations more efficiently. This deal is also a great example of how BTV facilitates the introduction of new technologies, such as AI, for swift adoption by BAT across numerous markets to accelerate its transformation journey. 2023 looks to be year for further international expansion for ParallelDots and we are confident that the business will be a remarkable success.”
Riccardo Mazzolo, BAT’s Innovation Portfolio Manager Start-ups adds:
"ParallelDots has great potential. Computer Vision is one of the most widely used AI applications and BAT is leveraging the ShelfWatch solution to bring Digital Transformation to our Global Trade Marketing. As part of the team supporting ParallelDots' delivery, I appreciate the value that BTV brings by enhancing internal stakeholder management and facilitating strategic prioritisation."