Standard Cognition, an AI-powered autonomous checkout solution, has raised $40m in its Series A round of funding.
The round was led by Initialized Capital, with participation also coming from previous backers CRV and Y Combinator. Draper Associates also invested into the company, making its first investment to the FinTech.
With the closing of this round, the company has raised a total of $51m in equity. The new funds will be used to expand its team and to accelerate its global expansion efforts, as it continues to roll-out its initial autonomous checkout-enabled stores.
Standard Cognition develops an AI-based system for merchant stores which enables customers to shop without having to stop at a checkout. Similar to the Amazon Go stores, a consumer walks into the store and simply takes the items they want, when they leave, they will be charged for the items they took.
Over the past few months, the company has signed its first four customers, which span Asia, North America and Europe, and received a paten for a critical area of its technology. Alongside this, Standard also opened San Francisco’s first public cashireless store.
Standard Cognition co-founder and CEO Jordan Fisher said, “In 2019, consumers will start to see autonomous checkout deployed in their favourite stores, and by 2025, it will be common.
“We’re seeing in our San Francisco store that shoppers love the convenience, and retailers love the accuracy, cost savings and customer service advantages. We can’t wait to execute on this next stage of Standard’s growth.”
As part of the deal, Initialized Capital co-founder and managing partner Garry Tan and CRV general partner Devdutt Yellurkar, will join Standard’s board of directors.
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