Tiliter, maker of a solution designed to recognize products without scanning barcodes, raised $7.5 million in a funding round led by Investec Emerging Companies. The proceeds will be used to accelerate Tiliter’s expansion across Europe and the U.S.
The solution provider, which specializes in the use of AI, is currently focused on serving the supermarket vertical with a camera-and-software system that can automatically identify items such as fresh produce without the need for packaging or price stickers. The solution is designed to identify items in under one second to enable faster self-checkout.
Tiliter’s early adopters include Woolworths in Australia, Countdown in New Zealand and several U.S. chains such as Westside Market in New York City. Tiliter CEO and Co-Founder Marcel Herz noted that there has been a 300% increase in scan-and-go adoption in the U.S. over the past year, which he expects to fuel further adoption.
“As an industry, we’re just at the beginning of how AI combined with computer vision will shape the future for brick-and-mortar and online shopping,” said Herz in a statement. “It was important that we partner with investors that understand the new dynamics in retail innovation and the massive opportunity arising from this change.”
Eleanor Venture and Cornell University also participated in the funding round.