Standard Cognition nabs unicorn status with big funding round

US-based autonomous checkout solution provider, Standard Cognition, has announced a $150 million Series C round led by SoftBank.

This puts the venture’s valuation at $1 billion+, making it tech/retail's newest unicorn.

Standard says that it is working with the likes of Alimentation Couche-Tard (parent company of convenience store brand Circle K) and Compass Group to outfit hundreds of checkout-free stores in 2021 and beyond, with a goal of more than 50,000 in the next five years.

“The physical retail industry must accelerate its pace of digital transformation to better compete with online players,” says Serena Dayal, Investment Director at SoftBank Investment Advisers.

“We believe Standard is emerging as a clear leader for autonomous checkout, driven by advanced AI-powered technologies.”

“We are excited to partner with the Standard leadership team as they aim to accelerate deployment of checkout-free technology with retailers seeking to improve their customers’ shopping experience.”

“Retailers find themselves in the midst of a perfect storm, as they struggle for razor-thin margins, battle the likes of Amazon and Walmart, and are beaten down by Covid-19,” comments Jordan Fisher, Co-founder and CEO, Standard.

“As stores across the world shut their doors, retailers and their customers have waited for a technology like computer vision to help drive the industry forward.”

“This new category will be bigger than mobile or the internet. It is the most disruptive thing to happen to retail in decades,” he concludes.