Coros raises $6.1M to bring computer vision to e-commerce parcel fulfillment

Susa Ventures, Greenhawk Capital, Fontinalis Partners, Engage VC, Flexport and Stord CEO Sean Henry also participated in the round. Coros deploys ceiling-mounted computer vision-enabled IoT scanners in fulfillment centers to reconcile warehouse management system (WMS) plans with the parcels that are physically loaded onto a carrier’s trailer. “Coros is building the visibility platform that the high-growth parcel sector deserves and needs to support long-term growth exceeding 15% this year,” said Santosh Sankar, a partner at Dynamo Ventures. “Coros’ data is extremely accurate and can provide best-in-class shipment visibility, but more importantly helps shippers and 3PLs monitor their fulfillment operations and take action to avoid mispicks, delays and customer dissatisfaction that can amount to more than a billion dollars of cost at some of the world’s largest shippers.” Dynamo moved quickly to invest in Coros, sending a term sheet two weeks after first meeting the founding team and closing the round within about five weeks total. When those kinds of mistakes occur at the fulfillment center, on-time delivery rates plummet; more often than not the only lever available to the shipper is to upgrade the parcel’s service level with the carrier, substantially increasing shipment costs.