Standard Cognition, a San Francisco, CA-based provider of AI-powered autonomous checkout solutions for brick & mortar retailers, raised $40M in Series A funding.
The round, which brings total amount to more than $51M, was led by Initialized Capital, with participation from CRV and Y Combinator, and new investors including Draper Associates. In conjunction with the funding, Garry Tan, Co-founder and Managing Partner at Initialized Capital, and Devdutt Yellurkar, General Partner at CRV (which led Standard’s previous funding round), have both joined Standard’s board.
The company intends to use the funds to expand its team and accelerate its ongoing global expansion.
Led by Jordan Fisher, Co-founder and CEO, Standard provides an artificial intelligence-based system that lets consumers shop and pay without waiting in line, scanning or stopping to check out.
The system offers such benefits as:
Privacy – No biometric information is collected from customers, including no facial recognition
Scalable – Lightweight installation requiring only overhead cameras – no shelf or item sensors
Seamless Experience – No checkout, no lines
Flexible – Allows for dynamic retail environments and flash sales
Insight – Anonymized shopper analytics for the store
In recent months, the company has:
– Signed on its first four retail customers (spanning Asia, North America and Europe);
– Obtained a patent for a critical component of its technology; and
– Opened San Francisco’s first public cashierless store, which has been a busy site for Standard’s customers and prospects.