Evolv Ventures, the $100m venture capital fund backed by packaged food producer Kraft Heinz, has led a $12m series A round for US-based autonomous retail system developer Zippin.
Beverage distributor Arca Continental also participated in the round, as did SAP.io and NTT Docomo Ventures, representing enterprise software producer SAP and mobile network operator NTT respectively.
The round was filled out by Nomura Research Institute, Scrum Ventures, Maven Ventures, Core Ventures Group, Pear Ventures and Montage Ventures. The latter four had previously joined Expansion VC to supply $3m in seed capital for the startup.
Zippin has created an automated system that utilises artificial intelligence, computer vision and sensor fusion technology to enable customers to buy and pay for goods in a retail environment without requiring the use of shop staff.
Evolv Ventures principal Smriti Jayaraman said: “We are excited to join Zippin’s journey as these new formats become critical to the transition currently underway in retail.
“Zippin’s technology also offers [consumer packaged goods] brands, which have previously been at arm’s length from the point of sale, a unique set of opportunities to participate in the customer journey.”
Photo courtesy of Zippin.
