Tel Aviv-based grocery tech startup shop raised $35 million in a Series B funding round led by Qualcomm Ventures, which saw participation from Vintage Investment Partners and Clal Insurance.
Existing investors IBI Tech Fund, Tal Ventures, Claridge Israel and Shufersal also backed the round, Tech Funding News reported Tuesday (August 9).
The company will use the new funds to expand its global reach. The Shopic technology, which uses computer vision to identify items as shoppers add them to their carts, has already been deployed in grocery stores and supermarket chains in Europe, the Americas and Israel.
Shopic is a smart grocery cart company positioning itself as a rival to the Amazon Dash smart cart. It built an artificial intelligence (AI)-powered clip-on device that turns shopping carts into smart carts, according to the report.
Using computer vision, Shopic identifies items placed in the cart in real time, while displaying product promotions and related product discounts. The system acts as a self-service checkout interface, meaning customers don’t need to queue and pay at the end of their shopping journey.
In addition to providing a more streamlined experience for shoppers, the company provides real-time inventory management and customer behavior insights to retailers through its analytics dashboard. These reports include aisle heatmaps, promotion monitoring, and new product adoption metrics.
As PYMNTS recently reported, Shopic isn’t the only player in the smart shopping cart space, and in Europe in particular, a host of supermarkets and startups are lining up to deliver the next generation of smart shopping cart technology. ‘grocery.
See also: Autonomous AI-powered stores usher in next-gen retail for European shoppers
Commenting on the latest funding, Raz Golan, CEO and co-founder of Shopic, said, “Today’s consumers are used to frictionless online shopping experiences, but retailers are struggling to deliver them to consumers. in-store shoppers. As the only solution that uses full computer vision rather than barcode scanning, Shopic enables retailers to not only meet customer expectations, but also delight them. »
Merav Weinryb, Vice President of Qualcomm Israel and General Manager of Qualcomm Ventures Israel and Europe, added, “We support Shopic’s vision of hybrid retail, where the best of online shopping and physical store experiences merged.
“Shopic’s smart cart, which is a compelling and pragmatic smart retail solution, helps enable this future. We were very impressed with the performance of Shopic’s cart in live supermarkets, demonstrating the potential of AI to transform everyone’s daily experiences.
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