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.
“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.”