Funding will further Ox’s leading innovation—a patented wearable device that directs workflows via artificial intelligence
BENTONVILLE, Ark., April 25, 2023 /PRNewswire/ — Ox, an AI-powered technology platform for frontline operations, today announced the closing of a $12.6 million Series A round co-led by BBG Ventures and MaC Venture Capital. The round also 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 investors, Atento Capital and Agya Ventures.
Ox’s leading innovation is a patented wearable device experience that features novel voice capabilities and visual-based workflows directed through artificial intelligence. Human centered automation uses intuitive workflows driven by software intelligence to guide operators through their tasks. The technology benefits workers by transforming tribal knowledge into operational procedures, thereby creating an equal playing field for all workers. For many years, automation in the supply chain industry has largely entailed replacing human labor with expensive mechanical and robotic systems that can take years to install. By investing in software that prioritizes human experience, businesses can achieve greater process efficiency across multiple facilities and reduce operating expenses simultaneously.
“Our mission is to use software to improve the experience of frontline teams and drive better business outcomes. We provide advanced tools and capabilities to engage and excite frontline workers, and we prioritize their needs by creating a system that values their work,” said Charu Thomas, Founder and CEO of Ox. “By doing so, we improve operator satisfaction and employee retention rates. At a time when investing in workers is needed, human centered automation is the way forward.”
The patented Operator Experience (OX) platform has been designed to enhance the usability and effectiveness of frontline workers by providing them with real-time instructions, AI-powered assistance, and the next-generation of industrial devices. The technology has been adopted by multiple Fortune 500 companies and increases operational productivity by over 20%, setting a new standard for efficiency in the industry. Today, the platform powers over $500M in supply chain volume across hundreds of operators.
“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,” said Susan Lyne, Managing Partner and Co-Founder of BBG Ventures. “We are proud to invest in Ox and their mission to make frontline workers a central part of the solution. As a firm that backs female founders, we are thrilled to partner with Founder and CEO Charu Thomas and the Ox team as they continue to grow their impact.”
The supply chain faces a significant challenge in attracting and retaining workers, with one million open jobs in warehousing alone and an expected 6% increase in the number of material handling and logistics workers over the next decade according to the U.S. Bureau of Labor and Statistics. To meet the growing demand for efficiency, the global logistics automation market is expected to reach $121.3 billion by 2027, according to a report by Research and Markets. “Unfortunately, the operator has often been the most underinvested component of the supply chain,” notes Tanner Green, Chief Product Officer at Ox, who explains: “The number of jobs and workers is only going to increase, so Ox exists to define the operator experience for the next-generation of frontline workers.”
“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,” said David Hall, Managing Partner of Revolution’s Rise of the Rest Seed Fund. “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.”
The funding will be used to fuel customer expansion, scale additional use cases, and further pioneer the human centered automation category throughout frontline operations.
Ox, founded in 2019, is an enterprise software provider that develops human centered automation technology to increase frontline efficiency across industrial operations. The company’s patented Operator Experience platform integrates with existing systems to help supply chain companies design intelligent applications. Ox is on a mission to revolutionize the cultural relationship with automation to one that enhances and supports the worker. Ox has secured over $16 million in venture funding from top-tier firms such as MaC Venture Capital, BBG Ventures, and Revolution’s Rise of the Rest Seed Fund. Headquartered in the heartland of the United States in Bentonville, Arkansas, Ox has been featured in Forbes, Business Insider, The Wall Street Journal, and The New York Times.
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