IBI Tech Fund heads up Shopic funding round
Shopic, a computer vision startup providing check-out free systems to grocery retailers, has closed an $7.6 million Series A funding round.
This was led by IBI Tech Fund and also included existing investor Entrée Capital.
The company will use the funds to expand its deployments into existing and new grocery retailers in the US and Europe, while also investing further in research and development which is based in Israel.
“We believe that Shopic’s solution is optimal for large grocery stores, as it is efficient and easily implemented. The post Covid-19 world emphasises the need for these solutions.” says Dan Aks, Managing Partner at IBI Tech Fund.
“Our mission is to bring seamless and line-free checkout experience for shoppers, while allowing retailers to become more efficient and better engaged with and understand their customers,” comments Raz Golan, Co-founder and CEO, Shopic.
“We have already seen how a major retailer has improved in-store revenue by 10% with over 40% of transactions occurring through the Shopic solution, thus circumventing the need to pay at checkout lanes. We’ve also reduced shrinkage through our AI-powered loss prevention. This translates to clear bottomline profits.”