AI Platform AiFi Pulls $65M in Series B for Autonomous Retail

Aldi, Pilot, cashierless, supermarket, London

AiFi, the artificial intelligence (AI) platform for retailers to access autonomous shopping solutions, announced Friday (March 11) that a Series B funding round raised $65 million, a press release said.

The money will be used to expand AiFi’s technical team.

AiFi’s total funding is now $80 million.

Steve Gu, co-founder and CEO of the company, cited the pandemic and the way that it shaped consumer preferences for quicker and more seamless shopping experiences, often digital.

“We relentlessly improve our AI algorithms to ensure we have a strong foundation to support our platform, and the success we’ve seen with diverse store formats, speed of deployment, and a frictionless customer experience attests to the flexibility and maturity our product has achieved,” he said. “We have deepened our partnerships with some of the world’s largest retailers that share a vision of innovation.”

The company is working with numerous retailers, and is deployed in various store formats, including grocery stores, sport stadium canteens and convenience stores.

Read more: Aldi Launches London Pilot of Cashierless Supermarket

PYMNTS wrote in January that Aldi is piloting a cashierless supermarket with the help of AiFi.

That is happening in Greenwich, London, as of January this year.

The Aldi Shop & Go lets customers shop without scanning their purchases or going through a checkout line, as shoppers download the app to enter the store and then the payment is processed with the shopper’s preferred method. A receipt is sent through the app.

The AiFi technology lets the company use tiny cameras strategically placed to capture the products customers take from shelves. And the tech also allows for charging shoppers’ accounts when they leave the store.