Standard Cognition, a San Francisco, CA-based provider of an autonomous checkout solution that can be installed in retailers’ existing stores, raised $150M in Series C funding.
The round was led by SoftBank Vision Fund 2 with participation from existing investors CRV, EQT Ventures, and TI Platform Management; and new investors SK Networks and others.
The company intends to use the funds to expand operations and its business reach.
Led by Jordan Fisher, Co-founder and CEO, Standard uses AI-powered cameras and software to provide a computer vision platform that allows retailers to transform stores into checkout-free experiences.
Its AI-driven computer vision solution enables people to shop without waiting in line, scanning or stopping to pay. Consisting primarily of ceiling-mounted cameras that can detect which items a person picks up, Standard’s system uses no facial recognition and lets shoppers remain completely anonymous. It can be easily installed in existing stores without making any changes to layout, shelving, lighting or inventory management processes.
The company is working with customers such as Alimentation Couche-Tard, Inc. (parent company of global convenience store brand “Circle K”) and Compass Group to outfit hundreds of checkout-free stores in 2021 and beyond, with a goal of more than 50,000 stores in the next five years.