China-based automated retail technology developer SandStar has received an amount of series B-plus funding from telecommunications group True Corporation sized in the nine-figure renminbi (RMB100m = $14.3m) range according to China Money Network.
True, an affiliate of conglomerate CP Group, made the investment through its digital services subsidiary, True Digital Group. It had raised a total of $25m as of a September 2019 series B round co-led by Guopeng Capital and Mobai Capital reportedly sized at about $14m.
Founded in 2016 as YI Tunnel, SandStar produces computer vision-based software systems that are used in unmanned retail outlets such as smart kiosks and shops. It will use the funding to expand in South Korea, Europe, Southeast Asia, Japan, the Middle East and the Americas.
SandStar’s earlier investors include Baidu Ventures, a corporate venturing subsidiary of internet group Baidu, as well as Kinzon Capital and Fengshion Capital, the three having supplied an undisclosed amount of funding for the company in 2017.
Yili Wu, chief executive of SandStar, said: “Cutting-edge technologies would be just gimmicks if they cannot provide solid benefits for customers they serve.
“Dynamic computer vision recognition is indeed a cutting-edge technology. But in essence, our products and solutions are intended to empower retail scenarios and deliver real and visible value for customers.”
