Sotira, an AI-powered surplus inventory management platform, has raised $2m in funding to modernise the overstock procurement industry, which is valued at $500bn.
The investment round saw participation from Unusual Ventures, Night Capital, K5 Global, and Ritual Capital, with previous backing from Soma Capital.
Founded by e-commerce entrepreneurs who recognised the inefficiencies in surplus inventory management, Sotira is tackling an industry that still relies on outdated processes like spreadsheets and manual coordination. The US alone holds $800bn in surplus inventory, with 25% of all stock remaining unsold, it claims. The company aims to digitise and optimise this process using AI-powered workflow automation.
Sotira leverages AI-driven software that streamlines surplus inventory offloading, transactions, and logistics. The platform enables businesses to cut inventory review times in half, reduce waste, and improve financial returns. The company claims customers can recoup up to 50% of costs and save five figures monthly by using its solution instead of traditional liquidation methods.
The startup has already partnered with major players in instant commerce, grocery delivery, and consumer packaged goods (CPG) brands across the US. Additionally, it has secured grants from the State of California and is collaborating with Alameda County to address surplus inventory in line with sustainability-focused legislation such as SB 1383.
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