Shopic, a Tel Aviv, Israel-based smart grocery shopping cart startup, announced that it raised $35 million in Series B funding, bringing its total funding raised to $56 million.
The round was led by Qualcomm Ventures, with participation from Vintage Investment Partners and Clal Insurance, and existing investors Tal Ventures, IBI Tech Fund, Claridge Israel, and Shufersal.
The investment will be utilized to enhance the company's global market penetration. Additional investment will help Shopic transform in-store shopping with AI-powered, smart shopping cart clip-on system.
Company: Shopic Technologies Ltd.
Raised: $35.0M
Round: Series B
Funding Month: Aug 2022
Lead Investors: Qualcomm Ventures
Additional Investors: Tal Ventures, IBI Tech Fund, Claridge Israel, and Shufersal
Company Website: https://www.shopic.co/
Software Category: AI-enabled Smart Cart
About the Company: Founded in 2014 by Raz Golan and Eran Kravitz, Shopic provides an AI-powered clip-on gadget that turns shopping carts into smart carts. Shopic's exclusive technology is built on AI algorithms and computer vision, and it can automatically detect products collected by customers in the shop. Shopic enables complete front-end digitization, it enables major retailers around the world to provide a seamless in-store shopping experience while streamlining their operations through real-time tracking of shopper carts and store shelves. Shopic employs a camera duo inside the cart, allowing its AI-computer vision model to accommodate massive catalogs of over 50,000 goods, cover edge cases, and achieve low latency with limited computing power. Shopic’s solutions are already deployed by several grocers in Europe, the Americas, and Israel.
Source: https://www.shopic.co/news/shopic-announces-35m-investment-to-bring-its-ai-enabled-smart-cart-to-top-u-s-grocery-chains/