Romanian-founded retail startup in UK receives USD 7.8 mln funding

Neurolabs, a startup founded by Romanians in the United Kingdom, has received USD 7.8 million in funding in a Series A round led by Nauta and joined by LAUNCHub, Lunar Ventures, and Techstart Ventures.

Neurolabs has developed computer vision technology dedicated to the retail industry, which allows supermarket and hypermarket chains to more easily monitor and manage their shelf product stocks.

The new funding will allow the growth of the engineering team, expansion into the United Kingdom, Europe, and the United States, and the building of the infrastructure that consumer packaged goods companies need.‍

“We founded Neurolabs to solve a problem we kept seeing. Missed products. Hours of manual checks. Days of delay before action. So we built something different, Visual AI that works where it matters: on the ground, in stores, with imperfect lighting and ever-changing SKUs. Today, some of the world’s leading CPG brands use our technology to reduce field costs, cut onboarding times, and unlock shelf-to-store visibility within seconds,” the company stated, cited by Economedia.

Neurolabs managed to secure initial funding in the summer of 2020 amounting to about EUR 1 million. Subsequently, the second funding round was EUR 3.4 million.

The company was founded in 2018, in the United Kingdom, by Romanian entrepreneurs Paul Pop, who is also the company's CEO, Remus Pop (COO), and Patric Fulop (CTO).

(Photo source: neurolabs.ai)