Zippin, the leading provider of checkout-free technology, secured a $30 million Series B funding with participation from new and existing investors including OurCrowd. This brings Zippin’s total funding to more than $45 million.
The company has signed numerous new accounts in recent months, launching multiple new public checkout-free stores, and further solidifying its leading technology within the future of retail. The company powers checkout-free stores across four continents, in diverse retail formats such as convenience stores, grocery stores, sports stadiums, hotels, and residential buildings. Customers include the world’s largest foodservice providers and the company plans to further scale its operations.
Zippin utilizes a multi-modal AI technology to deliver over 99.9% accuracy even in stores with high shopper density and a complex selection of products, including unbranded and small-sized items. Its solution is unique among its startup peers and works equally well in newly constructed stores and existing store retrofits. The company is planning to use the funding to accelerate the pace of innovation in the areas of deployment and maintenance, aiming to retrofit stores within a single day with zero or minimal downtime for retailers.
“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 Jon Medved, CEO & Founder of OurCrowd. “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. Zippin’s continued growth in such challenging environments is evidence of their superior technology, and also a competitive advantage, allowing their AI to train on some of the richest datasets provided by those challenging environments.”
“Zippin has seen increased demand and rapid adoption of checkout-free technology during the pandemic,” said Krishna Motukuri, Zippin’s Co-founder & CEO. “Shoppers want contactless experiences everywhere they go. As retailers realize that frictionless checkout-free technology is also contactless by design, they see a great opportunity to kill two birds with one stone. With a checkout-free platform like Zippin, retailers can offer shoppers what they are looking for today, and future-proof their business, both at the same time.”