US-based autonomous retail technology developer AiFi received $65m on Friday in a series B round featuring corporates Aldi South Group (Aldi Süd), Rewe, Żabka, HP, Qualcomm and Verizon.
Supermarket chains Aldi Süd, Rewe and Żabka invested directly while computing technology provider HP, mobile chipmaker Qualcomm and telecommunications firm Verizon took part through HP Tech Ventures, Qualcomm Ventures and Verizon Ventures respectively.
Investment firm Mithril Capital filled out the participants in the round, which lifted the company’s funding to $80m since it was founded in 2016.
AiFi has built an artificial intelligence (AI)-equipped autonomous retail software tool that helps stores digitalise and automate their checkout process meaning they can employ fewer till assistants.
Qualcomm Ventures had already participated in a late 2020 round of undisclosed size that included existing shareholders Cervin Ventures and TransLink Capital as well as new backer Plum Alley, bringing AiFi’s overall funding to $30m.
AiFi’s had reportedly closed a $4m seed round that included Amino Capital, Plug and Play, Stanford StartX, Oriza Ventures and Greylock, before Cervin Ventures led its $11m series A round in 2019, reportedly investing alongside TransLink Capital and Plug and Play.
Jeff Black, managing director at Verizon Ventures, said: “AiFi shares our passion for industry-leading innovation. Their technology – combined with the power of Verizon 5G and MEC – hold great possibilities for the future of retail.”
Carlos Kokron, vice-president for Qualcomm Technologies and managing director at Qualcomm Ventures Americas, added: “As demand for autonomous retail grows and business intelligence continues to move from the cloud to the wireless edge, we are excited to support AiFi to help drive the connected intelligent edge.
“We value AiFi’s innovative approach to edge-computing and look forward to accelerating the deployment of AI-powered solutions that further improve operational efficiencies and elevate customer shopping experiences.”
Image courtesy of AiFi Inc.
