The new funds will be used to scale Trigo's ability to meet growing demand for self-checkout technology in the food retail space.
Self-checkout in food retail promises to keep growing in 2021, as Trigo, a Tel Aviv-based company that provides the technology for such shopping experiences, has raised $60 million to scale its frictionless checkout grocery platform.
This Series B funding round led by 83North brings Trigo’s total funding to $94 million — and provides more evidence for the growth of self-checkout technology among food retailers across the world.
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.
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.
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.