Big hitters back AiFi as it announces $65m Series B funding round
Checkout-free technology startup AiFi has raised $65 million in a Series B funding round.
Qualcomm and Verizon Communications participated in the round through their venture arms.
Discounter Aldi, German supermarket chain REWE and Polish convenience giant Żabka Group also took part.
The round brings AiFi’s total funding to $80 million, with the cash primarily being used to expand its technical team.
“As demand for autonomous retail grows and business intelligence continues to move from the cloud to the wireless edge, we are excited to support AiFi to help drive the connected intelligent edge,” says Carlos Kokron, Vice President, Qualcomm Technologies and Managing Director, Qualcomm Ventures Americas.
“We value AiFi’s innovative approach to edge-computing and look forward to accelerating the deployment of AI powered solutions that further improve operational efficiencies and elevate customer shopping experiences.”
Rising up
After stints at both Apple and Google, Co-founder and President of AiFi, Ying Zheng, launched AiFi back in 2016 with fellow Co-founder Steve Gu.
Fast forward to the present day and the company is working with a number of retailers, including Carrefour, Compass Group, Aldi UK, and Choice Market.
It also has deployments running on Verizon 5G and MEC in various sports events and music festivals.
Carrefour, for instance, recently opened a Flash 10/10 concept store in Paris.
The convenience store – developed in collaboration with AiFi – is pitched as the first of its kind in France, and is located at 11 avenue Parmentier, in the capital’s eleventh arrondissement.
Flash 10/10 ("10 seconds to shop and 10 seconds to pay”) features a shopping journey that does not involve having to scan any products and quick payment.
Customers don't need to take items out of their bags. They can enter and exit the store without having to pass through a gateway. There is no need to download an app or register beforehand. And they can view their total spend in real-time.
Four employees will be on hand to open the store and oversee its operation. They will also manage its new e-commerce services (including Pedestrian Click and Collect).
The experience will be made possible by 60 HD cameras, nearly 2,000 sensors built into connected shelves, an algorithm for interpreting data and a proprietary tablet payment system.
Customers are tracked anonymously as a virtual avatar, allocated to them as soon as they enter the store. The products that they pick up are automatically detected and then added to their virtual basket.
Once they have finished shopping, customers get their baskets validated at a kiosk and then pay contactlessly.
They can get an electronic receipt sent to them immediately by scanning a QR code. An automatic checkout kiosk is also available for those wishing to pay with cash
“The Flash concept checks our customers’ expectations. They want to be able enter the store easily, know what they are buying, pay quickly and then leave. Compared with other existing concepts, with Carrefour Flash, customers get speed and accessibility in a unique way,” said Elodie Perthuisot, Carrefour Group's Executive Director of E-Commerce, Data and Digital Transformation.
