Bars lose 20% of their alcohol to overpours and “free” drinks for friends. That amounts to $50 billion per year in booze that mysteriously disappears, making life tough for every pub and restaurant. Nectar wants to solve that mystery with its ultrasound depth-sensing bottle caps that measure how much liquid is left in a bottle by measuring how long it takes a sonar pulse to bounce back.
Nationally, bars today lose billions of dollars from improperly managed alcohol inventory. These losses add up quickly as a result of oversized pours, spills and even theft.
Nectar, a stealth connected-device startup operating out of a Palo Alto dentist’s office (of all places), just locked down a $4.55 million seed funding round from the likes of Joe Lonsdale (8VC + Palantir), Lior Susan (Eclipse Ventures) and the founding family of Modelo Group (brewery) to complete development on a new IoT solution for the hospitality and consumer packaged goods industries.