US-based retail data software provider Bossa Nova has received $29m of funding from investors including electronics manufacturer LG.
Software-focused investment firm Cota Capital led the round, which also featured China Walden Ventures, a branch of venture capital firm Walden International, in addition to undisclosed existing backers.
Bossa Nova combines computer vision, artificial intelligence and big data technology into a system that supplies real-time product data for the real estate industry, facilitating the deployment of autonomous service robots in retail stores.
The round took Bossa Nova’s total funding to $70m and the proceeds will support research and development as the company looks to increase the size of its team by 50% and explore the opening of offices outside its home country.
Bruce McWilliams, Bossa Nova’s president and CEO, said: “Today’s retail powerhouses require accurate, real-time product information to create a seamless omnichannel shopping experience expected by all customers.
Bossa Nova’s technology gives retailers a data-rich and dynamic foundation to transform their store operations. We are thrilled to have Cota Capital’s support.”
The round follows a $17.5m series B in November 2017 that was led by Paxion Capital Partners and backed by semiconductor producer Intel’s corporate venturing unit, Intel Capital, as well as Cota Capital, WRV Capital and Lucas Venture Group.
Bossa Nova had previously raised $9.1m in 2015, according to securities filings, before it added $14m in a WRV-led series A round that closed the following year.