Shopic, a Tel Aviv, Israel – based retail AI solution provider, raised an additional $10m in equity funding bringing the total amount raised to date to $21m.
The round was led by Claridge Israel, with participation from existing investors Entrée Capital, IBI Tech Fund, and Tal Capital. In conjunction with the funding, Oded Tal, Founding Managing Partner of Claridge Israel, will be joining Shopic’s Board of Directors.
The company intends to use the new funds to accelerate commercial activities and expand its team.
Led by Raz Golan, CEO and Co-founder, and Eran Kravitz, Co-Founder and CTO, Shopic creates personalized shopping experiences in brick-and-mortar stores of major grocery chains worldwide by leveraging an AI-powered clip-on device that instantly recognizes items placed in or taken out of the cart in real-time, automatically registering them by price and displaying the shopper’s active receipt on the device’s screen. Shopic personalizes the in-store experience by offering digital promotions based on consumers’ previous buying habits, store location, and item selection all in real-time – saving them time and money. For retailers, the company’s analytics engine optimizes store management with real-time tracking of shopping carts and store shelves. Shopic provides retailers with live data on a shopping journey and the shopper’s various interactions in the store. This data can be used for footpath personalization, contextual promotions and better understanding of shopping habits.