Mashgin, a self-checkout solution powered by AI and computer vision, has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, making it a so-called “unicorn.” The funding round was led by NEA, joined by existing Mashgin investor Matrix Partners. Mashgin plans to use the investment to grow its team, accelerate expansion and scale internationally.
The Mashgin solution speeds checkout by reading multiple items simultaneously, although it requires shoppers to set their purchases down on the countertop devices’ base to operate. Mashgin has completed more than 35 million transactions and run $310 million through its system to date, and the solutions can be integrated with loyalty systems and can allow customers to pay for gas at convenience stores.
“The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation,” said Mukul Dhankar, CTO and Co-founder of Mashgin in a statement. “Our mission is to leverage artificial intelligence to create real world benefits for people.
Delek US announced the deployment of Mashgin technology at 70 of its Delek DK convenience stores in May 2021, and other Mashgin clients include convenience store chain ampm; airport retailer HMS Host; and more than 30 iconic sports stadiums, arenas and entertainment venues, as well as corporate and hospital cafés in partnership with Aramark, Compass Group and Sodexo.
Fully cashierless stores have been on the rise recently, including travel retailer WHSmith, which uses the Amazon Just Walk Out technology, and the Worcester Red Sox stadium store, which is powered by the Standard AI solutions.