Mashgin, a Palo Alto, Ca-based touchless self-checkout system powered by AI and computer vision, raised $62.5m in Series B funding at a $1.5 billion post-money valuation.
The round, which brings Mashgin’s total funding to date to $74.7m, was led by NEA, with participation from Matrix Partners.
The company intends to use the funds to grow its team, accelerate expansion and scale internationally.
Founded in 2013 and led by Chief Technology Officer Mukul Dhankar and CEO Abhinai Srivastava, Mashgin provides a self-checkout system powered by AI and computer vision, which enables consumers to get instant gratification and retailers to get revenue. Mashgin kiosks are currently deployed in more than 800 locations, including convenience stores, iconic sports stadiums, arenas and entertainment venues, airports, universities, corporate and hospital cafeterias. There’s no need to look for and scan bar codes: customers place their items on the company’s tray, and pay electronically.
Mashgin is already profitable, with more than 35 million transactions completed and $310 million in transactions run through the platform to date. Customers include ampm, Delek, HMS Host,Arrowhead Stadium in Kansas City, SAP Center in San Jose and Madison Square Garden and Citi Field in New York City, Corporate and hospital cafes in partnership with Aramark, Compass Group and Sodexo.
FinSMEs
09/05/2022