Smart shopping cart solution developer Shopic has completed a $35 million equity fundraising round, the company announced Tuesday, bringing the total amount invested in the company to $56 million. The round was led by Qualcomm ventures, with the participation of Vintage Investment Partners and Clal Insurance. Shopic's existing investors, IBI Tech Fund, Tal Ventures, Claridge Israel and Shufersal, also participated in the round.
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Shopic delivers a digitalization platform for the retail floor of medium and large supermarkets. Its smart cart solution is based on a unique artificial intelligence (AI)-powered clip-on device that attaches to any standard shopping cart, turning it into a smart cart. The device's computer vision automatically recognizes products as they are added or removed and its touch screen presents the running bill, personalized offers, and promotions based on shoppers' buying habits, store location, and item selection. At the end of their visit, shoppers skip the checkout line, pay on the cart, and leave the store in less than a minute.
Shopic plans to use the new funds to accelerate its commercial expansion, deepen customer engagements, and enhance its solution, as well as increase its workforce.
"We welcome our new investors and thank our existing investors for their ongoing support," said Raz Golan, Shopic's co-founder and CEO. "Completing this funding round in the current market conditions is a strong indication of Shopic's strength in the emerging market of smart store solutions. As we scale our operations to dozens of stores, the new funds will help us build a robust organization to support our customers and deliver innovation to their retail floors."
