Scandit wraps up major Series D funding round
Smart data capture specialist, Scandit, has announced a Series D funding round of $150 million at a valuation in excess of $1 billion.
This was led by Warburg Pincus, and included participation from Scandit’s existing shareholder base, including Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV and Swisscom Ventures.
To date, Scandit has raised almost $300 million.
Since its Series C funding round in May 2020, the company has more than doubled its annual recurring revenue and now has over 1,700 global customers, including American Eagle Outfitters, Carrefour, FedEx, Levi Strauss & Co., Yamato Transport and Sephora.
It plans to use the additional funding to expand its global footprint and team with a particular focus on APAC, including Japan, Singapore and South Korea.
The cash will also accelerate Scandit’s R&D with an increased emphasis on AI/ML capabilities and autonomous data capture methods.
Flavio Porciani, Managing Director at Warburg Pincus, says: ‘’Scandit’s smart data capture technology is transforming the way businesses operate and interact with their customers in an increasingly digital world and is strongly aligned with some of the biggest secular trends of our time, including enablement of the digital workforce and supply chain visibility.”
“Already used by leading enterprises across multiple industries, by customers and end users all over the world, we see a huge opportunity for Scandit to cement its position as the global leader in smart data capture.”
Samuel Mueller, CEO at Scandit, comments: “By following our original vision of using the camera on smart devices to interact with physical items, we are transforming the daily lives of customers, employees and businesses to enable enhanced, personalised experiences and achieve their digital transformation ambitions.”
“The new funding will allow us to help more businesses globally and to better empower an evolving mobile workforce, meet new customer expectations and deliver increasingly automated operations.”
He concludes: “We are thrilled to have Warburg Pincus as our partner on the next phase of our growth journey. They bring a deep understanding of our business and software growth investing and a long track record of backing winning businesses.”
