Standard Cognition has raised $5 million in seed funding to accelerate go-to-market capabilities for its checkout-free AI-based shopping system. The round was led by Charles River Ventures, with additional participation from Initialized Capital, Y Combinator and other smaller firms and angels. The company has raised $6 million to date.
The company will use the funding to double the size of its engineering team by the end of 2017 and launch its first public U.S. store with a retailer in early 2018.
Founded in August 2017, Standard Cognition offers an AI-based system that lets consumers shop and pay without scanning or stopping at checkout. The capabilities are similar to those of Amazon Go and offer the potential for retailers to reduce labor costs, improve the customer experience and increase profit margins.
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“Retailers are facing growing labor and retail costs and shrinking margins – especially those who are trying to compete with online behemoths such as Amazon,” said Michael Suswal, Co-Founder and COO of Standard Cognition in a statement. “We designed our platform to help retailers dramatically cut costs, get better analytics and insights, and improve the checkout experience for their customers, all of which improves their ability to compete.”
