AiFi leads the way in autonomous retail space
RTIH gets the lowdown on AiFi, a trailblazing company which offers customised, AI powered solutions to help retailers of all sizes become fully autonomous.
Checkout-free stores are set for rapid international expansion in 2022 and beyond.
Initially a hit in the grocery sector, we are now seeing the addition of more non-food locations, and increased competition for Amazon and its Just Walk Out technology, with a major player being US-based AiFi.
After stints at both Apple and Google, Co-founder and CEO of AiFi, Steve Gu, launched the company back in 2016 with fellow Co-founder Ying Zheng.
Fast forward to the present day and AiFi can be found at major international retailers including Aldi UK, Carrefour, and Zabka and in other retail verticals such as stadiums with Levy, universities with Sodexo, and workplaces with Compass Group.
AiFi also has deployments running on Verizon 5G and MEC to support music festivals.
Any retail environment that requires a high volume of customers needing to be processed in a short period of time can benefit from AiFi’s computer vision-based autonomous solutions.
Recent highlights within the university campus, stadium and workplace space include:
STADIUM: A 500 sq ft store at Ford Field in Detroit has been in operation since December. The Detroit Lions reported that transaction and queuing time reduced by 50% and revenue per cap increased by 170% after deploying AiFi’s technology.
Check out the store highlight video here.
UNIVERSITY: AiFi partnered with Sodexo to open two 2,500 sq ft stores inside the University of Denver.
Check out the store here.
WORKPLACE: AiFi has launched the 750 sq ft Market x Flutter store in Dublin, offering employees a selection of hot and chilled dishes, along with drinks and snacks.
Check it out here.
Funding round
AiFi recently raised $65 million in a Series B funding round.
Verizon and Qualcomm 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.
“The pandemic heavily influenced consumer preferences, including the need for quicker, more seamless shopping experiences. It’s become clear that shoppers are ready for autonomous retail and AiFi is here to deliver,” says Steve Gu.
He adds: “We relentlessly improve our AI algorithms to ensure we have a strong foundation to support our platform, and the success we’ve seen with diverse store formats, speed of deployment, and a frictionless customer experience attests to the flexibility and maturity our product has achieved.”
“We have deepened our partnerships with some of the world’s largest retailers that share a vision of innovation.”
“With this latest round of funding, we’ll be able to scale our partnerships and launch customised stores in record time to bring us closer to our vision of using AI to simplify people’s busy lives.”
