Consumers looking to avoid possible COVID-19 exposure in retail stores are increasingly seeking contactless shopping options, as epitomized by Amazon Go. These systems identify the individual products customers put into or remove from baskets or carts, without the need for the shopper to scan a barcode. Because they tally a shoppers’ orders in real time, these solutions allow them to exit without stopping at a checkout.
Shopic, a startup that has developed a mobile vision and technology platform for grocery retailers that uses AI and visual recognition algorithms to identify products, has closed a $7.6 million Series A funding round to expand deployments in U.S. and European grocery retailers, as well as research and development.
The round was led by IBI Tech Fund, with participation from existing investor Entrée Capital, an unnamed strategic investor from the retail industry and others.
“We have already seen how a major retailer has improved in-store revenue by 10% with over 40% of transactions occurring through the Shopic solution, thus circumventing the need to pay at checkout lanes,” said Raz Golan, Co-Founder and CEO of Shopic in a statement. “We’ve also reduced shrinkage through our AI-powered loss prevention,” Golan adds. Shopic features CartWatch loss prevention technology, which flags potential theft by detecting behavioral anomalies.