Smart Shopping Cart startup raises $35 million – IoT World Today

Company’s clip-on touchscreen device converts a shopping cart into a smart cart

Smart cart developer Shopic has closed a $35 million Series B funding round, with the funds earmarked to help roll out its AI-powered smart cart device in U.S. grocery stores.

The Israeli startup developed the clip-on cart device to ease the shopping experience and collect data on consumer trends and act as a promotional tool, alerting customers to offers while they shop.

Clipped onto the front of a customer’s shopping cart, the device features an in-store map to help users navigate the supermarket, and also acts as a self-service checkout window.

Dual-sided cameras are attached to the device, identifying products added or removed from the cart in real time using computer vision algorithms, as well as monitoring items on the shelves to identify missing products or errors price labeling.

The device adds to a contactless shopping experience. It is also hoped to ease pressure on labor shortages and help stores monitor inventory and adjust based on customer trends.

Some stores are turning to digital tools to bridge the gap between online and physical shopping experiences in an effort to attract customers to in-person purchases; with an example being Best Buy opening its first digital store earlier this month.

“Consumers today are used to frictionless online shopping experiences, but retailers are struggling to deliver them to shoppers in-store,” said Raz Golan, CEO of Shopic. “As the only solution that uses full computer vision rather than barcode scanning, Shopic enables retailers to not only meet customer expectations, but also delight them.”

The latest funding round was led by Qualcomm Ventures, with participation from Vintage Investment Partners, Clal Insurance, IBI Tech Fund, Tal Ventures and Shufersal, and brings its total funding to $56 million.

The scanning device has already been rolled out to select grocery stores in Europe, Israel and the United States (with customers including Walmart and Aldi).