Checkout-free technology provider, Zippin, has closed a $30 million Series B funding round with participation from new and existing investors, including OurCrowd, Maven Ventures, Evolv Ventures and SAP, bringing the total amount raised to more than $45 million.
With the new round of funding, Zippin is looking to scale its checkout-free platform and power tens of thousands of stores by 2025, enabling checkout-free experiences in diverse retail formats such as convenience stores, grocery stores, sports stadiums, hotels and residential buildings.
“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.”
To date, Zippin’s customers include foodservice providers Aramark Corporation and Compass Group, convenience retailer Lawson in Japan and Americanas in Brazil, all of whom are expanding their checkout-free store footprint rapidly.
Zippin’s technology delivers 99.9 percent accuracy even in stores with high shopper density and a complex selection of products, including unbranded and small-sized items, according to the company.
“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.”
With its Series B funding, Zippin plans to accelerate its pace of innovation in the areas of deployment and maintenance, where past initiatives like Zippin Cube have already cut time-to-deployment by a factor of five. Zippin’s goal is to retrofit stores within a single day with zero or minimal downtime for retailers.