Autonomous checkout service provider Standard Cognition has acquired DeepMagic to support its own platform.
As part of the deal, DeepMagic founder Bernd Schoner will join Standard Cognition in a consulting capacity to support the integration of DeepMagic technology.
DeepMagic is a New York FinTech company which has built strong computer vision technology for automated checkout systems. Its software can identify individual items with accuracy and has been deployed to commercial systems in the US and Europe.
The company also holds a handful of patents for key elements of autonomous checkout technology.
Standard Cognition co-founder and CEO Jordan Fisher said, ?Both Standard and DeepMagic took a computer-vision only approach to autonomous checkout, making our technologies very compatible.
?We both knew from the start that in order to retrofit into existing retail environments, we needed to maintain a very low footprint – a cameras-only system is the best way to do that. DeepMagic had developed very strong computer vision technology that fits very well into our technology portfolio – were excited to take the technology forward.p>
Standard Cognition is a Luxembourg-based autonomous checkout services. It AI-powered solution helps merchants experience shopping without the need of going through a checkout process.
Earlier in the year, Standard Cognition collected $35m in its Series B round. The investment round put the FinTech closer to the unicorn status, raising its valuation to $535m.
Proceeds from the round were set towards the growth of its customer base in the US and Japan, as well as further expanding operations domestically and internationally.
Copyright ? 2019 FinTech Global
