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Coros raises $6.1M to bring computer vision to e-commerce parcel fulfillment
Summary
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.
Funding
Amount
Date
Investor
Company
Classifications
Core Activities
Transportation, Logistics & Inventory
Warehouse Management
Warehouse Management
Transportation