AI-powered autonomous checkout startup also adds two retail veterans, from Macy’s and Walmart, to management team
San Francisco, Calif. – July 17, 2018 – Standard Cognition, which is eliminating the hassle of retail checkout by removing it entirely, announced today that it has raised an additional $5.5M in follow-on seed funding from CRV, bringing the company’s total funding raised to date to $11.2M. Standard will use the funding to accelerate its global expansion, hire AI and machine vision experts, and kick off initial pilots with multiple, global retailers.
“Pressure from Amazon is forcing retailers to rethink traditional ways of doing business,” said Devdutt Yellurkar, General Partner at CRV. “We continue to be impressed with the Standard team, and we think they are on track to be the primary alternative to Amazon Go. We see incredible opportunity in the space, and we’re excited to work with Standard as they deliver autonomous checkout and a deeper understanding of consumer shopping behavior.”
An alternative to Amazon Go, Standard is the first to offer an AI- and machine-vision based autonomous checkout solution. 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 retailers don’t have to reconfigure their stores.
Former Macy’s, Walmart executives join Standard team
Standard also announced that it has appointed two new executives to its management team: Jon Nam, Head of Global Operations and Evan Shiue, Head of Corporate Strategy and Growth.
Jon is focused on executing and scaling vast global deployments through strategic partnerships and collaborations. He has more than 25 years of experience and a strong track record in retail. Previously, Jon held leadership positions at Macy’s, RetailNext, CNBC and CCIntegration.
Evan leads strategy and finance at Standard. Evan has over 15 years of experience in senior roles across strategy and corporate development at Fortune 50 companies including Walmart and PepsiCo. Evan has also worked in investment banking and equity research.
“Jon and Evan are already making a big impact here,” said Michael Suswal, COO and co-founder of Standard Cognition. “We are ready for the next stage of Standard’s growth – rolling out our AI-based autonomous checkout solution to retailers all over the world – and are grateful for all the support and guidance from CRV.”