Trigo, a Tel Aviv, Israel-based provider of checkout technology, raised $60m in Series B funding.
The round, which brings total funding to $94m, was led by 83North with participation from existing investors Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners, Tesco, and Morrag Investments.
The company intends to use the funds to expand operations, boost R&D, and grow its global presence.
Led by Michael Gabay, co-founder and CEO, Trigo uses AI-powered computer vision technologies together with off-the-shelf hardware to retrofit existing stores. The company applies its proprietary algorithms to ceiling-mounted cameras which automatically learn and upload data on shoppers’ movements and product choices, enabling customers to walk into a store, pick up their desired items, and walk out without stopping at the checkout. Payments and receipts are settled digitally.
The solution is built with a privacy-by-design architecture, with no biometric or facial recognition data are gathered or analyzed. Based on anonymized movement and product choice data within stores and across a chain’s stores, Trigo offers grocery retailers a range of additional solutions powered by its 3D engine model called RetailOS, including predictive inventory management, pricing optimization, security and fraud prevention, planogram compliance, and event-driven marketing.
The technology has been used by Tesco PLC, which has been working on a trial with Trigo at a Tesco Express convenience store at its headquarters about 20 miles (32 km) north of London.
FinSMEs
21/12/2020