Smart Shopping Cart Startup Raises $35M
Smart cart developer Shopic has closed a series B funding round of $35 million, with the funds set to aid rollout of its AI-powered smart cart device across U.S. grocery stores.
The Israeli startup developed the clip-on cart device to aid shoppers’ experience and collect data on consumer trends and act as a promotional tool, alerting customers to deals as they shop.
Clipped onto the front of a shopper’s cart, the device features an in-store map to help users navigate the supermarket, and also acts as a self-service check out window.
Dual-facing cameras are attached to the device, identifying products added to or removed from the cart in real time using computer vision algorithms, as well as monitoring items on the shelves to identify any missing products or price-tagging errors.
The device adds to a contactless shopping experience. It is also hoped to ease pressure on labor shortages, and help stores monitor inventory and adapt according to customer trends.
Some stores are turning their focus to digital tools to bridge the gap between online and brick-and-mortar shopping experiences in a bid to lure customers back to in-person shopping; with one example being Best Buy opening its first digital-first store earlier this month.
“Today’s consumers are used to friction-free online shopping experiences, but retailers struggle to deliver them for in-store shoppers,” said Raz Golan, Shopic CEO. “As the only solution that uses full computer vision rather than barcode scanning, Shopic empowers retailers to not only meet customer expectations but to delight them.”
The latest funding round was led by Qualcomm Ventures, with participation from Vintage Investment Partners, Clal Insurance, IBI Tech Fund, Tal Ventures and Shufersal, and brings its total funding raised to $56 million.
The digitization device has already been rolled out across certain grocery stores in Europe, Israel and the U.S. (with clients including Walmart and Aldi).