Standard Cognition has acquired Milan, Italy-based Checkout Technologies, a developer of artificial intelligence technology for retail frictionless checkout. No financial terms were disclosed. Standard Cognition’s backers included EQT Ventures.
SAN FRANCISCO, May 19, 2020 (GLOBE NEWSWIRE) — Standard Cognition (“Standard”), which provides the only autonomous checkout solution that can be quickly and easily installed in retailers’ existing stores, announced today that it has acquired Milan, Italy-based Checkout Technologies, which has developed Artificial Intelligence (AI) technology for retail frictionless checkout. The acquisition significantly increases the size of Standard’s engineering team and seeds its European presence.
“With this acquisition, Standard gains solid technology and more than a dozen top-shelf AI and machine learning engineers, and gets us an immediate ground presence in Europe,” said Jordan Fisher, co-founder and CEO of Standard. “More engineering power means we can accelerate our roadmap and bring new innovations to our clients faster.”
Enrico Pandian, founder and CEO of Checkout Technologies (and also the founder of Italy’s Supermercato24), said, “Standard has emerged as the clear leader in autonomous checkout, and we are thrilled to now be part of this team. Checkout and Standard were both working on the same retail issues and we found that we had a lot in common. Together, we can make significant inroads in the global retail market.”
Jari Ognibeni, founder and partner at Pariter Partners, Checkout Technologies’ largest investor, said, “This acquisition helps spotlight the vibrant startup community and deep tech talent in Italy, which is fast becoming the best base to address the European market. We are thrilled for Enrico and team, and very much look forward to watching Standard’s progress as this market evolves.”
“Milan is an emerging center for machine learning and AI research and development,” said Fisher. “We’re excited to expand our presence in Europe with this acquisition, and to invest in Milan’s growing technology sector.”
Standard Cognition was one of the first startups in the autonomous checkout space, and first to open a cashierless store in San Francisco. Recognized by Fast Company magazine as “One of The World’s 50 Most Innovative Companies,” Standard is currently working with retailers across the US and the world. The company has raised $86M in funding from high-profile investors including CRV, Initialized Capital, EQT Ventures and Y Combinator.
To see a video of Standard’s technology in action, visit https://www.youtube.com/watch?v=wgogpqVzEoc&feature=youtu.be.
About Standard Cognition
Standard Cognition is transforming retail as we know it, with the first autonomous checkout solution that works in any existing store and allows customers to walk in, grab what they need, and walk out without waiting in line or stopping to scan or pay. The company’s machine vision and AI-powered solution is the only one that can be quickly and easily installed in retailers’ existing stores, representing a giant leap forward for retail tech and enabling retailers to rapidly deliver an amazing new shopping experience to customers. The first and best-funded startup in this space, Standard has launched multiple operational stores with customers, and is working with retailers around the world. Learn more at https://standard.ai/.