Standard Cognition, a San Francisco, CA-based provider of an autonomous checkout solution that can be installed in retailers’ existing stores, acquired Checkout Technologies, a Milan, Italy-based developer od Artificial Intelligence (AI) technology for easy retail checkout.
The amount of the deal was not disclosed.
The acquisition increases the size of Standard’s engineering team and expands its European presence.
Led by Jordan Fisher, co-founder and CEO, Standard provides a machine vision and AI-powered autonomous checkout solution that works in any existing store and allows customers to walk in, take what they need, and walk out without waiting in line or stopping to scan or pay.
The company, which is currently working with retailers across the US and the world, has raised $86M in funding from investors including CRV, Initialized Capital, EQT Ventures and Y Combinator.
Checkout Technologies was led by founder and CEO Enrico Pandian, who is also the founder of venture backed Supermercato24.