Shopic AI smart carts secure further £7.2m in funding
Retail AI solutions provider Shopic has raised an additional $10 million (£7.2m) of funding, bringing its total amount raised to $21 million.
Shopic’s goal is to transform in-store shopping through its AI-powered clip-on device for shopping carts. The device recognises when shoppers add or remove items to their cart and allows them to pay without the need for a cashier or self-checkout machine.
Seemingly the next step in the nullification of supermarket employees, Shopic’s frictionless solution has enticed a number of investment companies, with Claridge Israel leading the round alongside existing investors Entrée Capital, IBI Tech Fund, and Tal Capital.
The device is already being deployed globally in selected stores of major grocery chains and this additional funding will be directed into accelerating said process and expanding the Shopic team.
“We’re excited to announce this additional funding that will help us progress more rapidly as we expand our solution into new stores and retail partners,” said Raz Golan, CEO and co-founder of Shopic.
“This investment, from a long-term growth investor such as Claridge Israel, is a vote of confidence in our approach to build and deliver frictionless retail solutions that are practical, immediately deployable, and cost-effective, without having to make major changes to the way stores are run,” he added.
Once attached to a shopping cart, the device automatically recognises items placed in or taken out of the cart in real-time, automatically registering them by price and displaying the shopper’s active receipt on the device’s screen.
Aside from just being a smart cart solution, Shopic also offers contextualised in-store promotions to users based on previous buying habits, store location, and item availability in real-time.
“Shopic has been developing retail-specific AI for several years, and we’ve gained intimate knowledge of the space and our customers’ unique needs,” said Eran Kravitz, Shopic’s co-founder and CTO. “Our computer vision technology solves many of the challenges of the noisy, visual-heavy environment of big supermarkets, while still delivering fast performance at very high accuracy levels.”
Initial deployments of Shopic devices in Europe, the US, and Israel indicate that more than 90% of shoppers are enthusiastic about the smart cart and feel that it improved their overall shopping experience. Initial data also indicated that shoppers using the device increased their basket size by more than 10%.
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