Startup backed by American Eagle CEO reaches unicorn status in latest funding round

Radar, a startup backed by American Eagle CEO Jay Schottenstein that helps retailers manage in-store inventory and cut back on theft and lost merchandise, reached unicorn status with its latest funding round, CNBC has learned. The company, founded in 2013 by Spencer Hewett, raised $170 million at a valuation of over $1 billion in its series B funding round, which was co-led by Gideon Strategic Partners and Nimble Partners with participation from Align Ventures. The company also counts Schottenstein among its investors. He said American Eagle was the first retailer to implement Radar's technology across its stores. Through Radar, "American Eagle has unlocked greater inventory visibility, empowered our associates and sharpened our insights," said Schottenstein. "With inventory digitized in real-time, we have enabled our creative, operations and technology teams to place their focus on creating seamless, customer-first experiences that define the American Eagle brand." Radar also works with Gap 's Old Navy and other major retailers, covering more than 1,400 stores. When Hewett started the company with a boost from venture capitalist Peter Thiel's fellowship for young entrepreneurs, his goal was to create a better way to do instant checkout, but the strategy evolved to inventory management. Using hardware mounted to the ceilings of brick-and-mortar stores, Radar's technology can read any radio-frequency identification, or RFID, tag with 99% accuracy, the company said. …