AI-powered checkout system Standard Cognition has bagged a $5m seed funding round led by Charles River Ventures.
Participation to the round also came from Initialized Capital, Y Combinator and a number of other undisclosed firms and angel investors.
California-based Standard Cognition, which launched its product in August 2017, is an AI-based checkout system for consumers to shop and pay without scanning or stopping at checkout. The AI is able to register products picked up by a shopper from camera feed, all in real-time.
The system helps to reduce labour costs, improve customer experience and boost profit margins.
This new wave of funding will help the company as it goes-to-market, with plans to launch it in a US retailer early next year. Standard Cognition is also in talks with retailers about setting up pilots. The capital will also be used to double its engineering team.
Initialized Capital co-founder and managing partner Garry Tan said, “Realtime computer vision is entering a golden age where these time-honed techniques are now becoming highly practical and applied. That makes us very excited to invest in Standard Cognition – one of the most pragmatic, deeply technical teams tackling this space that we’ve seen in years.”
Following the new injection of capital, the company has raised a total of $6m, with the company participating in Y Combinator’s Summer 2017 accelerator batch.
Last month CRV, took part in crowdfunding platform Patreon’s $60m Series C round. The funds from the round will be used to help the company scale its team and platform.
Copyright © 2017 FinTech Global