Standard Cognition raises $11.2M to develop autonomous checkout, hires 2 executives
Standard Cognition, developer of an autonomous checkout system for retailers, has raised an additional $5.5 million in seed funding from CRV, bringing the company's total funding raised to date to $11.2 million. The company will use the funding to accelerate its global expansion, hire AI and machine vision experts, and kick off initial pilots with global retailers.
Standard is working with kiosk manufacturers to integrate a variety of options into its autonomous checkout platform.
"Pressure from Amazon is forcing retailers to rethink traditional ways of doing business," Devdutt Yellurkar, general partner at CRV, said in the press release. “We continue to be impressed with the Standard team, and we think they are on track to be the primary alternative to Amazon Go."
Standard's technology leverages AI and cameras to enable consumers to shop and pay without scanning or stopping to check out.
Unlike other autonomous checkout platforms, Standard's requires only light-touch installation with cameras only on the store ceiling; it accepts cash or credit; and it can accommodate any existing store layout, so that retailers don't have to reconfigure their stores.
Standard also has appointed two new executives to its management team: Jon Nam, head of global operations, and Evan Shiue, head of corporate strategy and growth.
Nam has more than 25 years of experience and a strong track record in retail, the release said. Previously, he held leadership positions at Macy's, RetailNext, CNBC and CCIntegration.
Shiue has more than 15 years of experience in senior roles in strategy and corporate development at Fortune 50 companies, including Walmart and PepsiCo.