$62.5M Fundraise Values Self-Checkout System Mashgin at $1.5B

$62.5M Fundraise Values Mashgin at $1.5B

Mashgin, a touchless self-checkout system powered by artificial intelligence (AI) and computer vision, has raised $62.5 million in a Series B funding round that values the business at $1.5 billion, according to a Monday (May 9) press release.

The company, which has received $74.7 million in funding to date, said in the release it will use the new funding to hire staff, fast-track expansion and scale globally.

Mashgin has processed $35 million transactions with a total value of $310 million, according to the release. Its service is different than competitors’ in that it uses AI and cameras to determine the cost of items being purchased rather than barcodes or radio-frequency identification (RFID). The system can process “multiple items” in “half a second.”

The systems are in use at major U.S. airports and arenas, including Madison Square Garden. Other installations, according to the release, are at corporate and hospital cafeterias operated by Aramark, Compass Group and Sodexo.

“The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation,” Mashgin Chief Technology Officer and Co-Founder Mukul Dhankhar said in the release. “Our mission is to leverage artificial intelligence to create real-world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty.”

Participants in the Series B round include new investor National Enterprise Associates (NEA) and previous investor Matrix Partners, the release stated.

Privately held Mashgin was founded in 2013 and is headquartered in Palo Alto, California. In addition to NEA and Matrix, investors include Susa Ventures and Y Combinator.