Zippin recently closed a $30 million series B funding round with participation from new and existing investors, the company said. Investors include OurCrowd, Maven Ventures, Evolv Ventures and SAP.
The new round brings Zippin's total funding to more than $45 million. It comes on the heels of "significant progress" the company has made in recent months, including the signing new accounts and launching more public checkout-free stores.
Zippin reportedly is used in checkout-free stores across four continents in convenience stores, grocery stores, sports stadiums, hotels and residential buildings. Zippin said the new funding round will enable it to scale its checkout-free platform and power tens of thousands of stores by 2025.
The retail tech company's customers include the world's largest foodservice providers, Aramark and Compass Group, along with Japan's third-largest convenience store chain Lawson, and Brazil's largest retailer Americanas.
Zippin's multi-modal AI technology is said to be unique among its startup peers, delivering greater than 99.9% accuracy even in stores with high shopper density and a complex selection of products, including unbranded and small-sized items. Its solutions work equally well in newly constructed stores and existing store retrofits.
"Their technology advantage is one of the main reasons we chose Zippin. We evaluated several companies in this space and found Zippin to be the clear leader with most stores in public settings," said OurCrowd founder and chief executive on Jon Medved.
"Many of the Zippin-powered stores in sports venues can attract up to 500 shoppers in a single hour, putting the underlying AI to the ultimate test," Medved pointed out.
