Shopic raises $7.6m for European expansion

Computer vision-based frictionless checkout platform Shopic has closed an $7.6 million Series A funding round.

The investment was led by IBI Tech Fund, with participation of existing investor Entrée Capital and others.

The startup will use the funds to expand its deployments into existing and new leading grocery retailers in the US and Europe, while also investing further in research and development which is based in Israel.

Shopic’s platform allows grocery retailers of all sizes to invest in long-term technology infrastructure enabling existing stores to become completely frictionless, without installing costly hardware on ceilings and shelves. The company’s unique artificial intelligence and visual recognition algorithms can automatically identify the items that shoppers put into, or remove from, their shopping carts.

In addition, the platform allows retailers to communicate with their customers as they shop, by offering personalised offers and product information. The solution generates insights to support better understanding of shopping behaviour and improve operational efficiency.

“Our mission is to bring seamless and line-free checkout experience for shoppers, while allowing retailers to become more efficient and better engaged with and understand their customers," said Raz Golan, co-founder and chief executive of Shopic. “We have already seen how a major retailer has improved in-store revenue by 10 per cent with over 40 per cent of transactions occurring through the Shopic solution, thus circumventing the need to pay at checkout lanes."

Dan Aks, managing partner at IBI Tech Fund, added: “We believe that Shopic’s solution is optimal for large grocery stores, as it is efficient and easily implemented - the post COVID-19 world emphasises the need for these solutions.”

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