Nectar is a company that develops an Internet of Things solution for industries such as hospitality and consumer packaged goods industries. The company was founded in 2014 by Aayush Phumbhra and Prabhanjan Gurumohan, in Palo Alto, California.
The goal of Nectar's platform is to change ordering processes to provide more efficiency in collecting inventory data. The company has created hardware and software that gives them the ability to streamline order fulfillment. The target that Nectar aimed for initially was bars and restaurants, and more specifically, tracking liquor supplies that these businesses need.
Nectar has also launched a pour spout and stopper equipped with an ultrasound technology which helps give owners insight to their alcoholic inventory. The ultrasound sensor is capable of capturing the bottle shape and liquid depth and provides data about how much alcohol has been consumed. The data is automatically collected in Nectar's software, which allows owners to reorder with ease.
Raised $4,550,000 in seed from Compound and four other investors
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