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FMI searches for the next disruptors of grocery technology

On the heels of winning the 2024 FMItech Pitch Competition, Ross Finman's Augmodo has landed $5.3 million in seed funding. Hear his story and meet the next contenders in line to disrupt grocery tech.

6 min read

Consumer InsightsFoodFood Retail

Ross Finman

Ross Finman at the 2024 FMI Midwinter Conference/Photo by Janet Jones Kendall

The name Ross Finman has been well-known in the worlds of artificial intelligence, computer vision mapping and augmented reality for nearly a decade.

After earning a Ph.D. in computer vision and AI from MIT, Finman co-founded Escher Reality—a company that built AR tools for mobile devices—in 2016. The following year, Escher was acquired by Niantic Labs—the creator of Pokémon Go. There, Finman worked directly with the company CEO on computer vision mapping and AR strategy.

“We were building Earth as an AR game board,” Finman said. “Think of it as Google Earth down to the centimeter for tens of millions of Pokémon Go players. We had the largest crowdsource map of the world.”

Today, Finman’s name is increasingly synonymous with grocery technology, thanks in large part to the baby formula shortage of 2022 and an annual industry tech pitch competition held by FMI – The Food Industry Association.

A roadmap to today

As a new dad in 2022, Finman found himself in the unexpected predicament of many parents of young children at that time: He could not find formula for his infant. After driving 100 miles around Seattle in his minivan going from store to store to check inventory in person after seeing availability online, only to find empty shelves, Finman saw a problem—one he realized he might just be able to help solve.

“I remember thinking, ‘Why don’t retailers know what’s in their stores and why can’t that information be shared with their shoppers in real time?” Finman said. “I realized it really came down to a computer vision mapping problem.”

That’s when worlds collided and Finman determined that a spatial AI program could be a tremendous resource for both food retailers and their customers.

“Initially, I thought smart glasses might be an option but then I thought that if employees could just have a smart badge that they could wear that was the answer because they are already wearing name badges,” Finman said. “I knew it could be very easy and affordable to adopt.”

Soon thereafter, Augmodo was born.

Mapping the future of groceryAugmodo grocery technology company logo

A software-as-a-service platform, Augmodo allows food retailing employees to simply walk the store—something they do multiple times a day anyway— letting their wearable SmartBadges™ do the work, constantly scanning for out-of-stock detection, compliance and product location data.

“Most similar technologies are robot scanners, mobile apps or shelf-mounted cameras and each of them have their own pros and cons,” Finman said. “Shelf-mounted cameras require a large infrastructure installation that can cost tens of thousands of dollars, plus they assume planogram compliance. The mobile apps still require that employees actively do something to upload the data. We are a completely passive approach and can get hundreds of scans in the store for tens of dollars per day.”

Earlier this month, Augmodo raised $5.3 million in seed funding in a round led by Lerer Hippeau, with participation from Dunnhumby  Ventures, NewFare Partners and Simple Food Ventures—a success Finman, at least in part, attributes to the fact that he was selected as a finalist in the FMItech Pitch Competition at the association’s Midwinter Executive Conference in January.

“There was just such a change in momentum from that moment forward,” said Finman, whose pitch won the 2024 competition. “Having a platform in front of that audience and then having them vote on the pitches led to some of our best connections and really kick-started our fundraising and in-bound sales, as well.”

Finman shares advice for this year’s finalists

This year, Finman has some advice for the six companies named as semi-finalists for FMI’s 2025 competition.

Augmodo founder Ross Finman
Finman

“You’re pitching to your customers,” he said. “With FMI, it’s your customers voting for you. Focus on the impact your business will have on theirs over the next three, six or 12 months. Identify their pain points and problems and explain how your company has the solution. Don’t underestimate the value of pitching to your customers. Those are great relationships and that (experience) was very transformative for us. When you leave that pitch, there’s nothing like a top-20 brand coming up and saying, ‘Hey, I voted for you.’ It’s a great conversation starter.”

Meet the contenders

This month, FMI named six semi-finalists for the 2025 FMItech Pitch Competition:

Badge’s no-code mobile wallet platform allows retailers to reach in-store customers with a personalized app-like experience within the Apple, Google and Samsung Wallets – all without downloading an app or creating an online account.

NoxuData uses AI-powered analytics to optimize operations and offer advanced data solutions for the food industry. The company’s platform leverages multi-agent architectures and offers users an interactive experience with a CPG data analyst as opposed to a simple chatbot.

TITAN7 develops innovative digital experiences and mobile platforms to connect consumers with brands.

Logistics and technology company Relocalize pioneers micro-fulfillment technology and offers decentralized supply chain solutions that enhance efficiency and sustainability. Its innovative hubs are designed to reduce waste, as well as carbon footprints.

A flexible job-sharing platform that connects freelancers and businesses, Workrz combines flexibility with long-term frontline employment, positioning service workers to fill multiple part-time roles that fit their schedules while reducing businesses’ high turnover rates.

Yondu is creating multi-purpose robots that can autonomously pick, stock and face grocery store shelves.

Grocery transforms into a “tech-first industry”

“It’s astounding how technology is transforming the food industry into a tech-first industry,” said Doug Baker, vice president of industry relations for FMI. “You can see from the diversity of these semifinalists that technology solutions for the food industry are expanding and offering both food retailers and suppliers innovative tools that leverage technology to enhance the customer experience, streamline operations and provide creative solutions for food retail.”

Next month, each of the six semifinalists will present a five-minute virtual pitch to FMI’s panel of judges, who will then narrow the field down to three finalists. During the 2025 Midwinter Executive Conference, those three finalists will present a live pitch to conference attendees, and the winner will have the opportunity to showcase their pitch during a keynote session.

“Our FMItech Pitch Competition has had a strong impact on the food industry,” Baker said. “Previous winners have gone on to partner with the food industry and spark new technology integrations that are helping to strengthen operational efficiencies and improve the shopping experience.”

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