STRATHAM, N.H.--(BUSINESS WIRE)--Oct 19, 2023--
Position Imaging, Inc, the developer of some of the most advanced location tracking technologies in the world, today announced that it has raised $30 million via intellectual property (IP)-based debt financing. The capital was provided by GT Investment Partners (" Ghost Tree Partners ") and facilitated by insurance and valuation services provided by Aon plc ( NYSE:AON ), the financing will help drive Position Imaging’s growth into the retail, hospitality, and travel markets while expanding into the EU with its global partners network. Position Imaging’s Smart Package Room ® and iPickup ® platforms are poised to change how first and last mile ecommerce fulfillment operates, with self-service operations without inefficient, expensive alternatives like staff, lockers or robots.
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An iPickup Solution - iPickup UPS Access Point (Photo: Business Wire)
The Smart Package Room solution is a new package management system created by Position Imaging. This innovation uses proprietary AI-based computer vision developed by the company to track packages as they are delivered into rooms at multi-family residences, college campuses, and at office locations. Smart Package Room enables self-service drop-off and pickup, enabling staff to focus on more important work to improve operations vs. managing package deliveries and pickups. The system optimizes space better than antiquated legacy solutions like lockers that lose over half their capacity to metal and inaccurate package-to-compartment staging. The systems also scale easily to accommodate increases in package/product volume.
iPickup is a new platform from Position Imaging based on the same self-serve tracking technology used in Smart Package Room solution but is focused on eCommerce fulfillment for retail brick and mortar stores. The company launched its first unmanned iPickup Point for PUDO (Pick Up Drop Off) Access Points with UPS this year in the UK. and is now expanding into the EU, starting with a large retailer in France in Q4, 2023. iPickup can revolutionize how organizations manage product and package fulfillment by empowering operations with less staff, improving customer experiences with minimal to no wait times, and allowing a better use of space within stores. The iPickup platform can also provide transformational service capabilities for retailers by combining BOPIS (Buy Online Pickup In Store), BORIS (Buy Online Return In Store), and even shipping. This is a one stop shop solution for retailers that promises to solve their eCommerce fulfillment challenges while helping drive more foot traffic into the stores with expected 40+% upsell rates.
These innovative solutions usher in a new age of product and package fulfillment by outsourcing the labor to the customer, saving organizations cost and improving the space required for fulfillment operations. The technologies built into this new platform represent over ten years of development and feature some of the most advanced tracking techniques ever created. “When we started on this journey, most people scoffed at the notion of letting a computer manage and secure package deliveries vs. a human or a locker. Today, after over 2 million successful self-serve package transactions without theft, we have proven this new AI-based approach works better than the old way of managing deliveries,” said Ned Hill, CEO of Position Imaging. “Position Imaging has proven this new approach is extremely effective with a clear market fit and we are now ready to expand quickly. We are thrilled to work with the teams at Ghost Tree and Aon to help this expansion and establish our new platforms as the premium solutions for eCommerce fulfillment around the world.”
"We recognized Position Imaging’s technical advantages over existing solutions and the company’s expansive patent portfolio as unique and valuable,” said David Byrne, Managing Director, Ghost Tree Partners. "We are pleased to support the company as it introduces solutions that ease the burden of eCommerce fulfillment for landlords and storeowners and are excited to provide the capital to support the company's retail growth and geographical expansion."
"Innovation drives growth, and intellectual property can be the valuable asset created from that innovation," said Lewis Lee, CEO, IP Solutions at Aon, a global professional services firm that facilitated the transaction through valuation and brokering services. "We are excited to support innovative companies with intellectual property portfolios like Position Imaging to help them unlock the potential value of those IP assets and pursue growth independent of equity market volatility."
About Position Imaging, Inc.
Position Imaging is a tracking technology pioneer, creating some of the world’s most advanced technical solutions for monitoring the physical location of goods and assets as they move throughout the logistics chain. The company’s Smart Package Room platform is the most effective solution for multi-family residential, college campus, and commercial package management operations and its iPickup platform is poised to transform Click and Collect/eCommerce fulfillment operations for retailers, quick service restaurants, and throughout travel and hospitality industries.
About Ghost Tree Partners
Headquartered in Irvine, CA, Ghost Tree Partners is an alternative asset manager focused on providing private credit financing solutions to small and middle-market borrowers in the US, Europe and Asia. Founded in 2021, the firm is led by Mark Fox, Scott Warner, Jeff Willardson and David Byrne, who combine for over 85 years of investment experience with Goldman Sachs, Bain Capital Credit, Fidelity and PAAMCO Prisma (KKR affiliate). The team has invested billions of dollars on behalf of the world's most sophisticated investors throughout their careers. Ghost Tree's private credit financing solutions include corporate cash flow loans, specialty finance, asset backed lending and real estate bridge loans.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20231019360717/en/
CONTACT: Liisa Walsh
Position Imaging Product and Marketing
603-303-1534
Liisa@Position-Imaging.com
KEYWORD: NEW HAMPSHIRE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SOFTWARE PROFESSIONAL SERVICES BUSINESS ROBOTICS ELECTRONIC COMMERCE TECHNOLOGY ARTIFICIAL INTELLIGENCE PACKAGING TRANSPORT FINANCE MANUFACTURING LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Position Imaging, Inc.
Copyright Business Wire 2023.
PUB: 10/19/2023 10:00 AM/DISC: 10/19/2023 09:59 AM
http://www.businesswire.com/news/home/20231019360717/en
