Standard Cognition, a San Francisco, Calif.–based autonomous checkout startup, raised a $35M Series B funding round.
The round, which brings total funding to date to more than $86M, and its post-money valuation to $535M, was led by the EQT Ventures fund with participation from existing investors Initialized Capital, CRV and Y Combinator.
The company intends to use the funds to focus on make its early customers in the U.S. and Japan successful while growing the team and expanding both domestically and internationally.
Led by Jordan Fisher, Co-founder and CEO, Standard Cognition has developed an AI-based system that lets consumers shop and pay in any of its customers’ stores without scanning or stopping to check out. An alternative to Amazon Go, Standard’s platform is available to any retailer, improving the customer experience, reducing costs and opening new revenue streams for retailers.
Standard opened San Francisco’s first autonomous checkout store in August 2018. The company has signed several retail customers and is deploying for two already in multiple locations, with scheduled go-live dates in Q3 and Q4 of this year. Hundreds of other retailers are currently evaluating the technology.