Investments

Zippin Raises $12M To Accelerate Cashierless Store Launches

Zippin Raises $12M For Cashierless Stores

Zippin, a cashierless checkout technology company, has raised $12 million in a Series A funding round, according to a release.

The company, which was founded in 2015, uses artificial intelligence (AI), computer vision and sensor technology to provide a 100 percent cashier- and checkout-free experience. It has four autonomous stores and is currently in the pilot testing phase with several retailers around the world.

The company also recently introduced an autonomous concession stand in the Golden 1 Center, where the Sacramento Kings play NBA basketball.

The round was led by Evolv Ventures, which makes investments in new technologies. SAP.iO, Scrum Ventures, Arca Continental and the Nomura Research Group also participated.

Zippin said it will use the money to speed up store launches and open more locations in places like airports and sports arenas. The company also introduced the “Zippin Cube,” a store-in-a-box concept that is only 300 to 500 square feet.

“When we launched the Zippin platform for retailers in 2018, we removed friction from the checkout process. With the Zippin Cube, we are aiming to remove friction from bringing that experience to retail stores,” said Krishna Motukuri, CEO of Zippin. “We obsess about retail operations and physical infrastructure just as much as we obsess about AI and computer vision. That’s why we have more operational public stores than most other startups in the checkout-free space.”

Zippin also said its technology will allow brands to get closer to consumers and provide a better shopping experience.

“We’re excited to join Zippin’s journey as these new formats become critical to the transition currently underway in retail,” said Smriti Jayaraman, principal at Evolv Ventures. “Zippin’s technology also offers CPG brands, which have previously been at arm’s length from the point of sale, a unique set of opportunities to participate in the customer journey.”

——————————

LATEST PYMNTS REPORT: B2B API TRACKER 

Social distancing has changed eCommerce from a ‘want to have’ to a ‘must have’ for businesses, yet retailers could struggle to create convenient payment and refund experiences for their apps and websites, says Abdul Raof Latiff, head of DBS Bank’s digital institutional banking group. In the April 2020 B2B API Tracker, Latiff explains how banks can provide a timely assist via application programming interfaces (APIs) that integrate payments into those eCommerce platforms.

TRENDING RIGHT NOW