US-based autonomous checkout system developer Standard Cognition secured $150m in a series C round yesterday led by SoftBank Vision Fund 2, an investment vehicle for telecommunications group SoftBank.
SK Networks, an energy, steel and automotive subsidiary of conglomerate SK Group, also took part in the round, as did CRV, EQT Ventures, TI Platform Management and unnamed new investors.
Standard Cognition’s system relies on computer vision and artificial intelligence technology to provide a checkout-free shopping experience. Cameras are mounted in ceilings to detect when a customer picks up an item, without the use of facial recognition to maintain anonymity.
The technology can be deployed in existing stores without needing to change layouts. The capital has been allocated to installing Standard Cognition’s system in hundreds of stores this year, with a long-term goal of more than 50,000 shops in the next five years.
EQT Ventures, Initialized Capital, CRV and Y Combinator previously injected $35m in series B funding in July 2019, following a $40m series A round led by Initialized Capital, with contributions from CRV, Y Combinator and Draper Associates in November 2018.
CRV provided $5.5m in a seed extension in July 2018, after it had led a $5m first tranche in October 2017 that also welcomed Initialized Capital, Y Combinator and several unnamed institutional and private investors. The company said at the time it had earlier raised $500,000.
