Standard Cognition, an AI-powered automated checkout service, has collected $35m in its Series B round.
EQT Ventures, a multi-stage venture firm based in Luxembourg, led the round which also received contributions from existing Standard Cognition backers Initialized Capital, CRV and Y Combinator.
The post-money valuation of Standard Cognition has reached $535m – more than a two-times increase since its Series A round last year.
This capital injection will be used to supporting its customers in the US and Japan, as well as expanding both domestically and internationally.
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.
Standard Cognition co-founder and CEO Jordan Fisher said, “We really hit it off with the EQT Ventures team, and we’re incredibly excited to have them on board as we enter our next stage of growth. Standard’s initial customer implementations are moving along quickly, and in the coming months we’ll be able to reveal more detail about our work with our global retailers. Feedback from retailers is that Standard’s light footprint, low hardware costs and fast installation are the main reasons why they are selecting us.”
Standard Cognition has raised a total of $86m in funding to date. Prior to this round, the company netted $40m in its Series A round late last year. Backers to the round included Initialized Capital, CRV, and Y Combinator.
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