Retail AI solution provider Shopic has had raised an additional $10 million in equity funding, bringing the total amount raised to date to $21 million, the company announced Tuesday.
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Leading grocers and retailers are constantly exploring smart cart technologies to meet the growing demand for frictionless shopping and cashier-less checkout. However, introducing purpose-built smart carts to a store is often operationally complicated and very costly. Shopic overcomes these challenges with an AI-powered clip-on device that can turn any standard shopping cart into a smart cart. It can be deployed with minimal modifications to a store's infrastructure and layout and still deliver the full benefits of smart cart shopping. Shopic's smart cart solution can be deployed in large supermarkets, unlike most other frictionless solutions that are limited to small convenience stores.
The round was led by technology growth investor Claridge Israel, with the participation of the company's existing investors, Entrée Capital, IBI Tech Fund, and Tal Capital.
"We're excited to announce this additional funding that will help us progress more rapidly as we expand our solution into new stores and retail partners," said Raz Golan, CEO and Co-founder of Shopic. "This investment, from a long-term growth investor such as Claridge Israel, is a vote of confidence in our approach to build and deliver frictionless retail solutions that are practical, immediately deployable, and cost-effective, without having to make major changes to the way stores are run."
