Trigo, a Tel Aviv, Israel-based computer-vision company providing checkout-free systems to grocery retailers, raised $22m in Series A funding.
The round, which brought total funding raised to date to $29M, was led by growth fund Red Dot Capital with participation from existing investors Vertex Ventures Israel and Hetz Ventures.
The company intends to use the funds to scale the technology for large store sizes (currently at 2X the footprint of Amazon Go), and advance its partnerships with US and European grocery retailers.
Led by Michael Gabay, co-founder and CEO, Trigo has developed computer-vision system that uses advanced AI and algorithms to identify and record items grabbed by shoppers while they are in the store. The company’s 3D space-mapping technology can be retrofitted into existing stores and enables consumers to spend their shopping time simply picking up the items they need – not waiting in checkout lines and avoiding any kind of scanning activity altogether.
Shoppers can be billed automatically or may pay cash or card.
The system allows shoppers to personalize their in-store experience by giving them the option upon arriving at the store to either “opt in” by identifying themselves via a loyalty program, effectively allowing the retailer to gain insights on their purchases; or “opt out” by choosing not to check-in and having an “unidentified experience”.
Trigo is currently installed in stores as large as 5,000 square feet, the largest checkout-free stores in the world.
The company is already partnering with a number of global grocery chains including leading European chains and Israel’s largest grocer – Shufersal, which will be deploying the technology in 280 stores over the next 5 years.
FinSMEs
16/09/2019