09 May, 2022, 06:30 ET
World's most vetted computer vision-powered self-checkout achieves unicorn status and furthers its market dominance
PALO ALTO, Calif., May 9, 2022 /PRNewswire/ -- Mashgin, the world's fastest touchless self-checkout system powered by AI and computer vision, today announced it has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, elevating the company to unicorn status. The Series B funding was led by global venture capital firm, NEA, whose prior investments include Robinhood, Cloudflare, Patreon, Uniphore and others, and brings Mashgin's total funding to date to $74.7 million. Existing Mashgin investor, Matrix Partners also participated in the Series B round. Mashgin will use the new funding to grow its team, accelerate expansion and scale internationally.
Mashgin is already profitable and is the most vetted computer vision-based self-checkout system on the market today, with more than 35 million transactions completed and $310 million in transactions run through the Mashgin platform to date. The Mashgin Touchless Checkout System identifies items from virtually any angle and instantly rings them up in a single transaction. It doesn't need barcodes or RFIDs, perfectly consistent packaging or particular orientations to work correctly. Consumers simply place their items down, pay and go — in 10 seconds or less. Watch a short video of consumers using Mashgin here.
Data collected from more than 35M Mashgin transactions to date shows an increase in transaction throughput by as much as 400% — resulting in dramatically shorter lines, more sales and happier customers. Mashgin kiosks are currently deployed in more than 800 locations, including convenience stores, iconic sports stadiums, arenas and entertainment venues, airports, universities, corporate and hospital cafeterias. Mashgin's technology has saved consumers over 33 years of time wasted in line, and provides a better way for retailers to innovate and meet shifting consumer behavior.
"The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation," said Mashgin Chief Technology Officer and co-founder, Mukul Dhankar. "Our mission is to leverage artificial intelligence to create real world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty."
Mashgin rings up multiple items in half a second and has an identification accuracy rate of 99.9%. It allows checkout lines to move at high speed without interruption, reduces wait times, and allows retailers to invest more in the overall customer experience. Mashgin kiosks can be installed in as little as an hour. They also integrate with loyalty systems, facilitate cash payments, and allow customers to pay for gas at convenience stores.
Noteworthy Mashgin customers include:
- Globally recognized convenience stores chains such as ampm and Delek;
- HMS Host, the market leading restaurateur and airport retailer has Mashgin deployments at major U.S. and international airports such as Charlotte Douglas International Airport, Dallas/Fort Worth International Airport, Los Angeles International Airport, Las Vegas International Airport, and more;
- More than 30 iconic sports stadiums, arenas and entertainment venues, including Arrowhead Stadium in Kansas City, SAP Center in San Jose and Madison Square Garden and Citi Field in New York City;
- Corporate and hospital cafes in partnership with Aramark, Compass Group and Sodexo.
"It is always exciting to find companies achieving strong customer traction, and the tech-enabled checkout experience that Mashgin has created for consumers is truly magical," said Scott Sandell, Managing General Partner at NEA. "Mashgin's solution has been vetted by industry leaders and continues to expand—even through the challenges of a global pandemic. We are thrilled to partner with the team to drive the future of transactions to not only improve companies' bottom lines, but also save valuable time and improve the quality of life for people worldwide."
Mashgin recently won gold in the highly prestigious 2022 Edison Awards, was named to the 2022 Fast Company World's Most Innovative Companies list, and also named to CB Insights' Retail Tech 100 annual ranking of the 100 most promising B2B retail tech companies in the world.
Mashgin is the world's fastest self-checkout system powered by AI and computer vision. Consumers demand instant gratification. Mashgin's Touchless Checkout System eliminates consumer frustration while increasing revenue for retailers with checkout that is four times faster than cashiers and traditional points-of-sale. There's no need to look for and scan bar codes: customers simply place their items on Mashgin's tray, pay electronically, and can be on their way in as little as 10 seconds.
Founded in 2013 and headquartered in Palo Alto, California, Mashgin is a privately held company backed by NEA, Matrix Partners, Susa Ventures and Y Combinator. Follow Mashgin on Twitter and LinkedIn or learn more about Mashgin at www.mashgin.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's track record of investing includes more than 260 portfolio company IPOs and more than 430 mergers and acquisitions. www.nea.com
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