Cashierless shopping company Standard Cognition has raised $40m just months after joining forces with Japanese firm Paltac to launch autonomous checkouts in 3,000 European and North American stores. The startup is now testing its self-driving technology at a handful of stores across the US, including Whole Foods Market in Seattle, which opened last week. A round was led by Initialised Capital and included backing from CRV and Y Combinator. Standard Cognition’s patented system uses machine learning and cameras to track shoppers around stores, with purchases added to a running tab and charged to the customers’ accounts as they leave. Even Microsoft is said to be working on cashierless store technology. It can spot mistakes, said the firm, and uses AI to prevent shoplifting. It added that the system had showed 99% accuracy.
Cashierless shopping company Standard Cognition has raised $40m just months after joining forces with Japanese firm Paltac to launch autonomous checkouts in 3,000 European and North American stores. The startup is now testing its self-driving technology at a handful of stores across the US, including Whole Foods Market in Seattle, which opened last week. A round was led by Initialised Capital and included backing from CRV and Y Combinator. Standard Cognition’s patented system uses machine learning and cameras to track shoppers around stores, with purchases added to a running tab and charged to the customers’ accounts as they leave. It can spot mistakes, said the firm, and uses AI to prevent shoplifting. It added that the system had showed 99% accuracy.