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Radar, a startup that uses ceiling-mounted hardware to track in-store retail inventory in real time, reached a valuation of over $1 billion after raising $170 million in a Series B funding round, according to CNBC.
Gideon Strategic Partners and Nimble Partners served as co-leads on the round, with Align Ventures also participating. American Eagle CEO Jay Schottenstein, who is also an investor in the company, said American Eagle was the first retailer to deploy Radar's technology across its stores.
Founded in 2013 by Spencer Hewett, Radar relies on radio-frequency identification, or RFID, tags read by hardware mounted to store ceilings. According to Radar, the system achieves a 99% read rate on tagged items. Originally, Hewett's vision centered on reimagining checkout — a direction that later shifted toward inventory management after he got off the ground through a fellowship associated with venture capitalist Peter Thiel.
The technology lets store employees locate specific products — including sizes and colors — in real time when a customer requests them. For retailers using Radar who also offer curbside or in-store pickup for online orders, cancellation rates have dropped as low as 3%, down from roughly 25%, Hewett said.
