Mashgin, a touchless self-checkout system powered by AI and computer vision, has raised $62.5m in Series B funding at a $1.5bn valuation.
The round was led by global venture capital firm, NEA, and brings Mashgin’s total funding to date to $74.7m. Existing Mashgin investor, Matrix Partners also participated in the Series B round.
Founded in 2013 and headquartered in California, Mashgin providea a touchless checkout system which identifies items for any angle and does not require barcosed of RFIDs. The company said it allows checkout lines to move at high speed without interruption, reduces wait times, and allows retailers to invest more in the overall customer experience.
Mashgin said it will use the new funding to grow its team, accelerate expansion and scale internationally.
Mukul Dhankar, Mashgin chief technology officer and co-founder, said, “The global pandemic accelerated the adoption of touchless technologies, but consumer behaviour has turned them into the baseline expectation.
“Our mission is to leverage artificial intelligence to create real world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty.â€
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