Shopic lands $10m investment for smart shopping cart solution

Retail AI solution provider, Shopic, has bagged $10 million in equity funding, bringing the total amount raised to date to $21 million.

The round was led by Claridge Israel, with existing investors, Entrée Capital, IBI Tech Fund, and Tal Capital also participating.

Tel Aviv, Israel-based Shopic creates cashierless checkout retail experiences through an AI powered device that clips on to the handles of shopping carts.

The venture, which says that it is “deploying its solutions in stores of major grocery chains worldwide”, will use the new funds to accelerate commercial activities and expand its team.

“We’re excited to announce this additional funding that will help us progress more rapidly as we expand our solution into new stores and retail partners,” says Raz Golan, CEO and Co-founder, Shopic.

“This investment, from a long-term growth investor such as Claridge Israel, is a vote of confidence in our approach to build and deliver frictionless retail solutions that are practical, immediately deployable, and cost-effective, without having to make major changes to the way stores are run.”

“Shopic’s solution provides supermarkets a competitive edge that is affordable and scalable, without having to make significant changes to their stores’ infrastructure,” says Rami Hadar, a Managing Partner at Claridge Israel.

“After following the industry closely over the last few years, we truly believe that Shopic offers the most scalable, economically efficient solution and we look forward to supporting the company on its journey in becoming a leader in its space.”

Oded Tal, Founding Managing Partner at Claridge Israel, will be joining Shopic’s Board of Directors.