Retail technology startup Radar has officially achieved unicorn status, securing a valuation of over $1 billion following a successful $170 million Series B funding round. The round was co-led by Gideon Strategic Partners and Nimble Partners, with additional backing from Align Ventures and American Eagle CEO Jay Schottenstein. Founded in 2013 by Spencer Hewett, the company has pivoted from its original mission of instant checkout systems to focus on high-precision inventory management for brick-and-mortar retail.

Radar utilizes ceiling-mounted hardware to track radio-frequency identification (RFID) tags with 99% accuracy, providing retailers with real-time data on stock levels and placement. This technology is currently deployed across more than 1,400 locations, including stores operated by American Eagle and Gap’s Old Navy. By providing store associates with precise visibility into inventory, the system allows staff to locate specific sizes and items instantly, significantly improving the customer experience and reducing the frustration of “phantom inventory” errors.

Beyond customer service, the platform serves as a powerful tool for loss prevention. The technology helps retailers identify “shrink”—the loss of inventory due to theft, administrative errors, or supply chain discrepancies—by providing automated, real-time verification of incoming shipments. According to the company, some clients have reported up to a 60% reduction in shrink after implementation. By ensuring that inventory counts are consistently accurate, retailers are able to maintain better stock availability, ultimately protecting profit margins and reducing order cancellations for buy-online-pick-up-in-store services.