Grabango, a Berkeley, Calif.-based provider of enterprise class, checkout-free technology for existing stores, raised $12m in Series A financing.
The round, which brings total funding to $18m, was led by Propel Venture Partners with participation from Ridge Ventures, Abstract Ventures, Commerce Ventures, and Founders Fund. In conjunction with the funding, Ryan Gilbert, a General Partner at Propel, will join Grabango’s Board of Directors.
The company will use the funds to grow its product development team and expand client store deployments with checkout-free technology.
Led by Founder and CEO Will Glaser, Grabango provides enterprise class, checkout-free technology for existing stores to save people time by eliminating lines at checkout. The service is free to use, benefits all shoppers, and doesn’t require a smartphone. The computer vision and machine learning systems maintain a virtual shopping basket for each person’s store visit. Checking out is automatic, so there is no need for manual barcode scanning as shoppers exit the store.
The platform includes a fault tolerant, edge computing network that accurately processes millions of simultaneous transactions.
Grabango already signed four major U.S. store chains that generate billions of dollars in revenue, serve more than 600 million shopper visits per year, and cover a combined 29 million square feet of floor space, initiated store deployments ranging from 2,500 to 50,000 square feet per location, filed 17 patents, and grew a hand-picked team to 37 employees and contractors.
FinSMEs
07/01/2019