Standard Cognition ‘the most exciting play in AI/retail tech’
Amazon Go rival Standard Cognition has raised $40 million in a Series A funding round led by Initialized Capital, and also featuring existing investors CRV and Y Combinator, and newcomers including Draper Associates.
This brings the total amount raised to date to more than $51 million, and will enable the company to expand its team and accelerate global expansion as it rolls out its customers’ initial autonomous checkout-enabled stores.
Also of interest: Standard Cognition aims to be big in Japan
Garry Tan, Co-founder and Managing Partner at Initialized Capital, and Devdutt Yellurkar, General Partner at CRV, have both joined Standard’s board.
“The Standard team has been an execution machine, meeting or exceeding every goal and working tirelessly to get in front of nearly every major retailer on the globe,” says Tan. “They have huge technology advantages that are readily apparent to retail clients, and are years ahead of other startups in this space – we think Standard is the most exciting play right now in AI or retail tech.”
“In 2019, consumers will start to see autonomous checkout deployed in their favourite stores, and by 2025, it will be common,” comments Jordan Fisher, Co-founder and CEO of Standard Cognition. “We’re seeing in our San Francisco store that shoppers love the convenience, and retailers love the accuracy, cost savings and customer service advantages. We can’t wait to execute on this next stage of Standard’s growth.”