Scandit, which develops augmented reality (AR) and mobile computer vision technologies, is tapping into the cameras on smart devices to interact with retail items and bring more personalized experiences to shoppers, according to a company announcement Wednesday (Feb. 9).
The company has wrapped up an oversubscribed Series D funding round of $150 million, bringing its valuation to more than $1 billion, the announcement stated.
Scandit has so far raised almost $300 million toward global expansion of its platform, particularly in Asia-Pacific (APAC), including Japan, Singapore and South Korea. The company has increased its employee count by 85% since its Series C funding round in May 2020 and will look to increase it another 50% this year, according to the announcement.
The money will also go to accelerating Scandit’s research and development, with an increased emphasis on artificial intelligence (AI) and machine learning (ML) through the Smart Data Capture portal, the announcement stated.
“By following our original vision of using the camera on smart devices to interact with physical items, we are transforming the daily lives of customers, employees and businesses to enable enhanced, personalized experiences and achieve their digital transformation ambitions,” said Scandit CEO Samuel Mueller in the announcement. “The new funding will allow us to help more businesses globally and to better empower an evolving mobile workforce, meet new customer expectations and deliver increasingly automated operations.”
Global growth investor Warburg Pincus led the fundraising effort, according to the announcement. Many of the companies in Scandit’s existing shareholder base — including Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV and Swisscom Ventures — also participated in the Series D round.
The company has more than doubled its annual recurring revenue since its Series C round and has more than 1,700 customers around the world, including American Eagle Outfitters, Carrefour, FedEx, Levi Strauss and Co., Yamato Transport and Sephora, the announcement stated.
In June 2020, Mueller pointed to contactless solutions in grocery and retail stores as one of the key focuses for his company, with retailers adding more flexible fulfillment options, such buy online pick up in-store, curbside pickup and more. Grocery shoppers can also pay as they go without checking out.
Read more: Scandit Says the Future of Retail Will Include Mobile Scanning
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