Ox of Bentonville on Tuesday said it closed a $12.6 million round of Series A funding, co-led by BBG Ventures and MaC Venture Capital.
The company, which operates an artificial intelligence-powered technology platform for supply chains, said the round includes participation from existing investors — Cortado Ventures, Revolution's Rise of the Rest Seed Fund, Florida Funders, KCRise, Tech Square Labs and Vuzix — and new backers that include Atento Capital and Agya Ventures.
The company said it has so far secured more than $16 million in venture funding.
BBG Ventures of New York is an early stage venture fund that invests in businesses with female founders. MaC Venture Capital of Los Angeles is a seed-stage firm that invests in technology startups "leveraging shifts in cultural trends and behaviors."
"At BBG Ventures, we invest in visionary founders who are creating the next generation of change. Ox is doing just that across supply chain operations, an area that is ripe for digital transformation," Susan Lyne, BBG Ventures managing partner and co-founder, said in a statement. "We are proud to invest in Ox and their mission to make frontline workers a central part of the solution."
Ox makes wearable devices for frontline workers to create more efficiency in supply chain management. Its leading product is a patented wearable device system that features voice capabilities and visuals driven by software intelligence that guides workers through tasks, the company said in a news release.
"The technology benefits workers by transforming tribal knowledge into operational procedures, thereby creating an equal playing field for all workers," Ox said, adding that the technology prioritizes human experiences, enabling companies to increase process efficiency and reduce operating expenses.
CEO Charu Thomas founded the supply-chain software firm at age 18. She's now in her mid-twenties. In 2020, she was named to Forbes magazine’s 30 Under 30 list. The company was also a finalist this year for Arkansas Business' Innovation Pacesetter award.
"Our mission is to use software to improve the experience of frontline teams and drive better business outcomes," Thomas said in a statement. "We provide advanced tools and capabilities to engage and excite frontline workers, and we prioritize their needs by creating a system that values their network."
The company’s patented "Operator Experience," or OX, platform provides frontline workers with real-time instructions, AI-assistance and next generation industrial devices. Ox said the technology has increased operational productivity by more than 20%.
"As we saw during the pandemic, supply chain management has a long way to go before it catches up with the ever-expanding retail market," David Hall, managing partner of Revolution's Rise of the Rest Seed Fund, said in a statement. "We are proud to back Ox once again as they tackle this problem head on by using AI to streamline warehouse management directly from Bentonville, Arkansas, a city that has emerged as a logistics and supply chain leader."