AI-powered grocery inventory startup Shelf Engine nabs $41M

Prior to the pandemic, average grocery profits hovered around 2%, mostly due to transportation and logistical inefficiencies. Shifting product demand and sales compounded these issues, with stores now responsible for 10% of U.S. food waste. This over-ordering not only costs profitability, but forces retailers to increase prices to make up for the losses. In April 2020, grocery prices showed their steepest monthly increase in nearly 50 years, led by rising prices for perishables like meat and eggs. Shelf Engine, a Seattle-based startup cofounded in 2015, aims to make a change by tapping AI to help stores increase profits while reducing product waste.