Venture capital firm 83North led a $60m series B round for Israel-based smart checkout technology developer Trigo yesterday that included supermarket chain Tesco.
Existing backers including Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners and Morrag Investments also participated in the round.
Formerly known as Trigo Vision, Trigo uses ceiling-mounted cameras and computer vision technology to retrofit retail stores so customers can simply pick up goods, carry them out of the store and pay for them automatically through digital means.
The technology is being trialled by Tesco in a convenience outlet at its head office. Guus Dekkers, the corporate’s chief technology officer, said: “We are delighted to be working with Trigo as they continue to grow their business.
“Together, we have made great progress testing the frictionless checkout solution in our trial store in Welwyn Garden City and we are excited by this technology and the opportunities it brings.”
The company said it has now raised $94m altogether. Hetz Ventures and Vertex Ventures Israel co-led its $7m seed round, disclosed when it emerged from stealth in July 2018.
Both returned for a $22m series A led by Red Dot Capital in September 2019, before Tesco invested an undisclosed amount the following month.
