TEL AVIV, Israel--(BUSINESS WIRE)--Trigo, a global leader in frictionless checkout technology, has raised a $60 million Series B funding round led by 83North. The latest round brings Trigo’s total funding to $94 million. The new funds will be used to scale the company’s ability to meet growing demand, boost R&D, and expand its global presence. Existing investors joined the new round, including Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners, Tesco, and Morrag Investments.
Trigo uses AI-powered computer vision technologies together with off-the-shelf hardware to retrofit existing stores. The company applies its proprietary algorithms to ceiling-mounted cameras which automatically learn and upload data on shoppers' movements and product choices, enabling customers to simply walk into a store, pick up their desired items, and walk out without stopping at the checkout. Payments and receipts are settled digitally.
The company has seen rapid growth and increasing demand for its technology throughout 2020 and is working with leading retailers on the European mainland to open stores during 2021. Smart checkout technology will process nearly $400 billion of transactions within the next five years, according to Juniper Research. The same report also predicted that retailers will invest $23 billion into artificial intelligence by 2025, up from $5 billion in 2020.
“Our technology enables grocers to integrate the efficiencies and insights of digital commerce into the physical world while providing a frictionless checkout experience for customers. Ultimately, our solution reduces physical contact and does away with waiting in line, enabling a safe, secure, and streamlined shopping experience that’s a win-win for retailers and consumers,” said Michael Gabay, Trigo’s co-founder and CEO.
Trigo’s technology has been tapped by Tesco PLC, one of the world’s largest grocers with stores across the UK, Ireland and Central Europe. Tesco has been working on a trial with Trigo at a Tesco Express convenience store at its headquarters about 20 miles (32 km) north of London. Guus Dekkers, Tesco Chief Technology Officer said, “We’re delighted to be working with Trigo as they continue to grow their business. Together, we have made great progress testing the frictionless checkout solution in our trial store in Welwyn Garden City and we are excited by this technology and the opportunities it brings.”
Trigo’s solution is built with a privacy-by-design architecture: no biometric or facial recognition data are gathered or analyzed. Based on anonymized movement and product choice data within stores and across a chain’s stores, Trigo offers grocery retailers a range of additional solutions powered by its 3D engine model called RetailOS, including predictive inventory management, pricing optimization, security and fraud prevention, planogram compliance, and event-driven marketing. This layer quickly enables actionable insight that boosts the chain’s efficiency.
Yoram Snir, a Partner at 83North, a global venture capital firm with interest and experience in retail tech including Hybris, Mirakl and Exotec, said, “Trigo’s solution gives grocers a competitive edge with an option that is affordable and scalable, without having to make significant changes to their stores’ infrastructure. While Amazon might be first out the gate to use its scale to capitalize on new consumer demands, it is no surprise to me that Europe’s biggest grocery retailers have tapped Trigo’s exceptional team to position them as leaders in frictionless checkout.”
Dropbox link here for Trigo Press Room with photos of the founders, Trigo HQ, logo.