In a retail landscape increasingly dominated by the likes of Amazon, companies that can innovate and adapt are crucial for the survival of traditional brick-and-mortar stores. Enter **Standard Cognition**, an autonomous checkout startup that’s leveraging AI-powered computer vision to offer a seamless shopping experience. With a recent funding round of $35 million that brings its valuation to a striking $535 million, the innovators at Standard Cognition are set to reshape the retail industry significantly.
The Autonomous Checkout Experience
Imagine walking into a store and seamlessly picking out what you want without waiting in line to pay. Standard Cognition aims to make this a reality by employing a network of smart cameras that recognize customers through shape and movement rather than facial recognition. Here’s how it works:
- As you enter a participating store, overhead cameras begin tracking your movement.
- You open the Standard Cognition app, which sends a unique light signal to the cameras to link you to your account and payment method.
- Simply grab your items and leave—there’s no need for a checkout line. The system automatically calculates your total and charges your payment method.
This revolutionary technology not only eliminates the traditional checkout process but also caters to those who may prefer not to use an app. Customers can simply step up to a kiosk to identify their items and complete their purchase using cash or credit card.
Capitalizing on Investor Confidence
Founded in 2017, Standard Cognition has already made waves in the industry, raising a total of $86 million in venture capital funding. The latest funding round, led by EQT Ventures, with contributions from Initialized Capital, CRV, and Y Combinator, underscores a growing confidence in Standard Cognition’s potential. While the retail climate remains challenging, companies like Standard Cognition provide vital solutions to traditional retailers, enabling them to transform their operations effectively.
Strategic Expansion Plans
With this new injection of funds, Standard Cognition plans to expand beyond its current five installations across the U.S. and Japan. As CEO Michael Suswal indicates, the strategy involves tapping into European markets, leveraging the support of EQT Ventures to make inroads into that segment. The goal is clear: to position their technology in various retail chains rather than become a retail operator themselves.
Responding to Market Demands
The current retail environment is indeed a “perfect storm.” Traditional retailers face mounting pressure from not only e-commerce giants like Amazon but also shifting consumer expectations. As such, innovative companies like Standard Cognition are essential for helping brick-and-mortar stores adapt to these changes. Alastair Mitchell from EQT Ventures aptly notes, “Busy people demand an ever more efficient shopping experience.” This sentiment resonates throughout the industry, highlighting the urgent need for modernization.
A Vision for the Future
In Suswal’s own words, 2019 is about deployment, 2020 will be the year of repeatability, and 2021 is set for exponential growth. By making autonomous checkout a standard in retail, Standard Cognition aims to create a more efficient shopping experience while helping traditional retailers compete in a rapidly evolving market. The path is clear, and the momentum is building.
Conclusion
As Standard Cognition continues to expand and innovate, its impact on the retail sector is bound to be profound. The combination of advanced technology and strategic capital positioning makes them a formidable competitor in the cashierless shopping arena. With the increasing preference for streamlined shopping experiences, it seems the future of retail lies in the hands of such innovators.
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