Telecommunications and internet group SoftBank led a $30m series A round for US-based intelligent retail technology developer Accel Robotics yesterday.
The round included Toyo Kanetsu Corporate Venture Investment Partnership, an investment vehicle for oil and storage tank producer Toyo Kanetsu, in addition to venture capital firm New Ground Ventures and retail-focused VC fund RevTech Ventures.
Founded in 2015, Accel has built an artificial intelligence and computer vision-based system that uses cameras to facilitate checkout-free shopping. Customers are able to enter a shop, pick up the goods they want and leave, receiving notifications through an app afterwards.
The technology is being deployed in North America and Japan, and Accel intends to put the series A funds into growing its production capacity along with its operations.
Accel said the round increased its overall funding to $37m and described Toyo Kanetsu New Ground Ventures and RevTech Ventures as existing investors.
The company’s earlier backers include Saison Ventures, a vehicle for payment services provider Credit Saison, as well as internet company GMO, human resources firm Recruit and Miyabi Ventures, an investment firm where textile trader Toyoshima is the general partner.
The total includes $900,000 in debt financing secured in February 2018, $3.5m in equity funding raised six months later and $550,000 in June 2019 according to securities filings.
Brandon Maseda, Accel’s chief executive, said: “We are excited to partner with the team at SoftBank Group to help scale our frictionless commerce platform with retailers and brands around the world.”
