Standard Cognition

Standard Cognition is an American developer of retail store automation systems (Trade Automation Systems). The company, founded in 2017, uses a combination of cameras, artificial intelligence and computer vision in its solution to help create stores without cashiers.

The customer is authorized to enter the store using a smartphone, after which he can take the necessary products from the shelves and put them in his bag, backpack or simply in his pockets. The smart system automatically determines the purchase list and withdraws the necessary amount from the buyer's card after he leaves the store. It is alleged that electronics do not recognize faces and allow customers to remain completely anonymous.

History

2021: Raising $150 million, including $10 million from Fort Ross Ventures

In February 2021 , Standard Cognition raised $150 million in investments as part of the Series C round. Among the investors was the Fort Ross Ventures fund, which on March 15 announced an investment of $10 million.

In addition, the funds SoftBank Vision Fund 2, CRV, EQT Ventures, TI Platform Management and SK Networks took part in the deal. According to the results of the financing round, the startup was estimated at more than $1 billion. Investor shares in Standard Cognition are not disclosed.

Standard Cognition intends to direct the funds received to expand its capabilities and equip more than 50 thousand stores without cash registers over five years. By March 2021, the company's technology is used by Alimentation Couche-Tard (the parent company of the global brand of round-the-clock stores Circle K) and the British holding Compass Group.

In the context of the COVID-19 coronavirus pandemic, in which the issue of customer health safety came to the fore, retailers became more interested in technologies that allow creating stores without cash registers. Standard Cognition expects significant business growth with this trend.^[1]

Notes