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EQT Ventures, Initialized capital, CRV and Y Combinator provided an additional $ 35 million to Standard Cognition to help retailers fight Amazon. The contract values the San Francisco-based stand-alone start-up fund, founded in 2017, at $ 535 million.
Standard Cognition implements its computer vision platform powered by artificial intelligence, which allows the autonomous cash process in physical stores. To date, the company has installed hardware in five stores in the United States and Japan, and plans to expand globally with the new investment. Michael Suswal, co-founder and chief operating officer of Standard Cognition, told TechCrunch that the company was counting on the support of European venture capital firm EQT Ventures, which led the deal, for the launch of its technology in Europe.
Here's an overview of Standard Cognition's stand-alone payment experience: a customer enters one of Standard Cognition's partner stores and one of the 27 indirect cameras (plus or minus depending on the size of the store) will identify you by its shape and its movement, without recognition face. The customer then opens the company's iOS or Android application and a special light pattern flashes, allowing the cameras to link to your account and payment method. Finally, take everything you need and leave the store. No order is required for Standard Cognition to bill you. It works even without application: make your purchases as usual, then approach a kiosk screen, the cameras identify the items you have chosen and you can pay in cash or by credit card .
Standard Cognition B Series News Comes Soon After Amazon has confirmed its intention to open three more Amazon Go stores, the cashless convenience stores of the e-commerce giant. Amazon opened its first Amazon Go store in Seattle in 2016, but Standard Cognition, which operates only a brick and mortar store, was the first to plant roots in San Francisco. Standard Cognition does not however plan to open other stores because "Store management takes a lot of effort, "said Suswal. Instead, the The company plans to bring its cashless experience to other retail chains with the new funds.
Standard Cognition announces its Series B financing just eight months after the closing of a Series A fund. Suswal, worth $ 40 million, justifying its explosive growth, said that 2019 would be " the year of deployment ", next year will be" the year of repeatability "and 2021 will be" the year of the scale ". The company raised a total of $ 86 million in venture capital funds.
"Traditional brick and mortar retailers are caught in a perfect storm," EQT Alastair partner Mitchell said in a statement. "From huge encroachments like Amazon on every piece of the market, to the changing attitudes of consumers, while busy people demand an ever more efficient shopping experience, margins are reduced like never before. The talented and motivated team of Standard Cognition quickly worked on creating a product that allows physical retailers of all sizes to meet these challenges. "
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