AIPIA Congress 2024 Wrap: New PaperWeight AI sensor can ’revolutionize’ retail sector | 13-12-2024 |
AlmaScience a longstanding AIPIA member and sponsor at the recent Congress, has launched PaperWeight AI, an innovative spin-off specializing in advanced technology for the retail sector. PaperWeight AI leverages paper sensor technology in a smart shelf solution, to transform traditional retail operations and offer real-time data analysis for better inventory management, waste reduction, theft detection, and increased operational efficiency, it claims.
The technology has already attracted significant interest from both national and international companies and is already being tested by a leading retailer in Portugal. The technology is also attracting VC attention, as the smart retail market size was valued at $30 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 29% until 2030.
Incubated in AlmaScience, a Collaborative Laboratory (CoLab) within Portugal's innovation ecosystem, PaperWeight AI marks a significant milestone in the lab's mission to convert cutting-edge research into viable economic solutions. Developed over four years, the AI tech leverages paper sensor technology to transform traditional retail operations and deliver a suite of real-time data analytics solutions. In addition to sensors, the system integrates AI algorithms to detect weight, pressure, and touch in real-time. This provides retailers with immediate data on stock levels, theft detection, and planogram nonconformities without cameras or load sensors.
The company says the technology is low cost and easy to install and can be retrofitted to existing shelves in minutes, without the need for downtime or extensive calibration processes. The paper-based sensors are affordable, making it scalable for small and large retailers, it believes. In addition the system provides instant feedback on stock availability and discrepancies, allowing staff to manage stock levels and respond to out-of-stock or theft situations in real time. Unlike cameras or payload sensors, which require ongoing maintenance and calibration, PaperWeight AI's paper-based sensors have minimal maintenance, reducing operating costs, according to the company. As the sensor is made almost entirely from paper, this facilitates its manufacturing and disposal safe for the environment.
Carlos Silva, President of AlmaScience, commented, "PaperWeight AI represents a pivotal moment in AlmaScience's journey, showcasing our ability to transform cutting-edge research into market-ready solutions. This spin-off embodies our commitment to driving sustainable innovation that creates tangible economic value."
Yoni Engel, CEO and co-founder of PaperWeight AI, added, "The launch of PaperWeight AI marks a significant milestone in retail technology. Built on AlmaScience's groundbreaking research, our easy-to-install solutions are set to revolutionize inventory management and provide retailers with insights that improve operations and, ultimately, their bottom line."
