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Scandit raises $80m to improve AR in self checkout
- June 9, 2020
Swiss firm Scandit, a technology platform for mobile computer vision and augmented reality (AR) used in retail for self checkout and shelf management, has raised $80m in series C funding.
The machine-learning platform combines barcode scanning, text recognition, object recognition and AR for any camera-equipped smart device, from smartphones to drones, wearables and robots. The software can scan in bad light, at any angle and with damaged labels.
Organisations in retail, transport, logistics and manufacturing use Scandit’s computer vision technology to create and power mobile apps or web sites for mobile shopping, self checkout, inventory management, proof of delivery, asset tracking and maintenance. In healthcare, Scandit supports digital health, with healthcare workers using familiar smartphones to scan patient IDs, samples, medication and supplies.
The funding will be used to accelerate growth in markets such as Apac and Latin America, as well as expand Scandit’s footprint and operations in North America and Europe. It will also support R&D to develop ways enterprises can transform their core business processes using computer vision and AR.
Scandit’s global customers include 7-Eleven, Alaska Airlines, Carrefour, DPD, FedEx, Instacart, Johns Hopkins Hospital, La Poste, Levi Strauss, Mount Sinai Hospital and Toyota, and it product perform tens of billions of scans every year on more than 100 million active devices.
The need for social distancing post Covid-19 has accelerated demand for mobile computer vision on personal smart devices, as companies seek to create a safer contactless environment for their employees and customers. Retailers and transport and logistics companies are also discovering that they can scale up faster to meet the demand for click and collect and the millions of extra home deliveries, by providing workers with scanning apps on BYOD (bring your own device) or COPE (corporate owned, personally enabled) smart devices. Scandit is helping ramp up these services.
“Covid-19 has shone a spotlight on the need for rapid digital transformation in these uncertain times, and the need to blend the physical and digital plays a crucial role,” said Samuel Mueller, CEO of Scandit. “The smartphone is a personal tool that can be deployed with powerful computer vision software to seamlessly interact with everyday objects and display real-time insights with AR-overlays. Our new funding makes it possible for us to help even more enterprises to quickly adapt to the new demand for contactless business, and be better positioned to succeed, whatever the new normal is.”
The funding round was led by G2VP, a Silicon Valley venture capital firm of former Kleiner Perkins partners.
“Scandit’s platform puts enterprise-grade scanning in the pocket of every employee and customer without requiring legacy hardware,” said Ben Kortlang, general partner at G2VP. “This bridge between the physical and digital worlds will be increasingly critical as the world accelerates its shift to online purchasing and delivery, distributed supply chains and cashierless retail.”
Also in the round were Atomico, GV, Kreos, NGP Capital, Salesforce Ventures and Swisscom Ventures. Scandit has previously raised $43m. Since the last funding round in July 2018, Scandit has tripled recurring revenues, more than doubled the number of blue-chip enterprise customers and doubled the size of its global team.