Innovator Profile: Vici Robotics Powers Productivity in Inventory Management Through Robotics

Introduction 

What’s the Story?

The Coresight Research team will attend and participate in this year’s Groceryshop conference, which will be held on September 19–22, 2022, in Las Vegas, US. Groceryshop 2022 will explore the changing grocery landscape and help businesses navigate the rapid rise in e-commerce, the latest business models and technologies, and the shifting consumer behaviors that are impacting the industry.

On September 19, 2022, Deborah Weinswig, CEO and Founder of Coresight Research, will emcee and feature on the judging panel of Groceryshop 2022’s “Shark Reef” startup pitch competition, which will see 12 early-stage innovators compete to win the Judges’ Choice and Audience Choice awards. In the lead-up to the event, we are profiling the participating innovators. 

This report forms part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fuelling innovation across the retail value chain. We present Vici Robotics, a commercial robot-as-a-service (RaaS) company aimed at boosting retailer productivity through artificial intelligence (AI)-driven inventory automation. Coresight Research collaborated with Vici Robotics to offer insights into its capabilities and offerings.

Why It Matters

Coresight Research categorizes the 12 participating innovators into four areas of innovation in retail: fulfillment and sustainability; product marketing and merchandising; and AI, ML and automation. Vici Robotics falls under “AI, ML and automation.”

Advances in AI and ML are enabling the technologies to be applied to a variety of retail operations, such as marketing and pricing. Technology innovators focused on AI, ML and automation can help brands and retailers reduce costs, improve efficiency and convenience, enhance personalization and more.

Vici Robotics: In Detail

Headquarters 

San Jose, California, US 

Funding Stage 

Funding stage: Pre-seed  

Total funding raised: Undisclosed  

Company Description

Founded in 2019, Vici Robotics is a retail-technology company that operates a commercial RaaS model aimed at boosting retailer productivity through inventory automation technology. 

The company assists retailers by using AI, ML and robotics technology to automate tedious and labor-intensive duties such as stocking shelves. This enables retailers to allocate their human labor in a more productive and cost-effective way. 

What Problem Is the Company Solving?

Managing inventory within warehouses and stores is time-consuming and can be highly labor-intensive, decreasing the efficiency and speed of retail supply chains and piling costs onto retailers that depend solely on human labor. Inventory management inefficiencies can stem from human errors in product placement and slow speeds in moving inventory, among other causes. These inefficiencies translate to slower fulfillment times and higher costs for consumers. 

By using AI-powered robotics, combined with human teleoperation in warehouses, retailers can enhance their inventory management by automating tasks such as picking and stocking shelves, which speeds up the supply chain process and reduces costs over the long run. 

Market Opportunity 

As consumers demand increasingly faster delivery times, retailers should look to innovative technologies, such as AI- and ML-powered robotics, to eliminate inefficiencies in their supply chain processes. 

By adopting robotics technology in their supply chains, retailers can increase their overall productivity by automating laborious and repetitive tasks and better allocating their human capital.

Global robot installations reached 435,000 units in 2021 and are set to reach 500,000 by 2024, according to 2021 data from the International Federation of Robotics (IFR), highlighting the robust growth of robot use around the world. 

What We Think

We believe that consumers will increasingly put pressure on retailers to offer faster delivery times. Retailers must maximize efficiency in their supply chains to better serve consumer demand. 

Innovative retail technologies, including AI- and ML-powered robots can be implemented in inventory management processes to improve efficiency in supply chains, from accuracy to allocation of human labor.