Shopic is an Israeli-based smart grocery start-up. It has produced an AI-powered clip-on device that turns a shopping trolley into a smart cart. By using vision algorithms to identify products placed in the trolley, it notes the price and promotions on each product and acts as a self-service checkout.
The company has secured a US$35 million Series B investment round, led by Qualcomm Ventures, which brings its total funding raised to US$56 million. With this investment, Shopic has announced an entrance into a top US supermarket chain.
"Today's consumers are used to friction-free online shopping experiences, but retailers struggle to deliver them for in-store shoppers. As the only solution that uses full computer vision rather than barcode scanning, Shopic empowers retailers to not only meet customer expectations but to delight them," said Raz Golan, CEO and Co-Founder of Shopic.
The Shopic clip-on rivals cart technology such as the Amazon Dash because it can be used on any shopping trolley. When shoppers have completed their transactions, the device can be removed, and the trolley can still be used in the carpark. Not only does it benefit customers, but it also provides retailers with real-time inventory management and customer behaviour insights.
The device has been implemented in a number of stores across Isreal, Europe and the United States. Data collected from live employment suggests that Shopic's solution increased monthly customer spending by eight percent.
“We support Shopic’s vision of hybrid retail, where the best of online shopping and physical store experiences merge. Shopic’s smart cart, which is a compelling and pragmatic smart retail solution, is helping enable this future. We were very impressed with the performance of Shopic’s cart in live supermarkets, demonstrating the potential of AI to transform everyday experiences for everyone," said Merav Weinrybr, Vice President of Qualcomm Israel and Managing Director of Qualcomm Ventures Israel and Europe.
