News

Standard Cognition acquires autonomous checkout provider DeepMagic

October 29, 2019

Standard Cognition, a provider of autonomous checkout technology, has acquired the assets of DeepMagic, a New York startup also focused on unattended, automated retail, for an undisclosed sum.

Bernd Schoner, co-founder of DeepMagic, will join Standard in a consulting capacity, to help manage the integration of DeepMagic's technology into Standard's platform, according to a press release. DeepMagic has developed computer vision technology that can identify individual items and has deployed commercial systems in the U.S. and Europe. The company also holds patents dating back to 2016. 

"Both Standard and DeepMagic took a computer-vision only approach to autonomous checkout, making our technologies very compatible," Jordan Fisher, co-founder and CEO of Standard Cognition, said in the release. "We both knew from the start that in order to retrofit into existing retail environments, we needed to maintain a very low footprint — a cameras-only system is the best way to do that. DeepMagic had developed very strong computer vision technology that fits very well into our technology portfolio — we're excited to take the technology forward."

Standard Cognition has raised $86 million in funding from investors including CRV, Initialized Capital, EQT Ventures and Y Combinator.