US retail technology firm, AiFi, has raised $65 million in a Series B funding round to strengthen its autonomous retail position.
The funding round featured participation from Aldi South Group, Żabka Group, Rewe, Verizon Ventures and Qualcomm Ventures LLC, among others.
Founded in 2016, AiFi is an artificial intelligence (AI) platform that allows retailers to deploy autonomous shopping solutions. The company works with top retailers, such as Aldi South Group, Carrefour, Compass Group and Żabka Group.
According to AiFi, the round, which brings the company’s total funding to $80 million, will be used to expand its technical team “to cater to the surging demand for AiFi’s solution”.
AiFi’s CEO and co-founder, Steve Gu, said: “The pandemic heavily influenced consumer preferences, including the need for quicker, more seamless shopping experiences. It’s become clear that shoppers are ready for autonomous retail and AiFi is here to deliver.”
“We relentlessly improve our AI algorithms to ensure we have a strong foundation to support our platform, and the success we’ve seen with diverse store formats, speed of deployment and a frictionless customer experience attests to the flexibility and maturity our product has achieved.”
He continued: “We have deepened our partnerships with some of the world’s largest retailers that share a vision of innovation. With this latest round of funding, we’ll be able to scale our partnerships and launch customised stores in record time to bring us closer to our vision of using AI to simplify people’s busy lives.”
AiFi’s technology is being deployed in a wide range of store formats, including grocery stores, sports stadiums, canteens, convenience stores at universities, and more. The company claims its advanced tracking algorithms can scale up to 10,000 square feet to accommodate various shopper journeys, including app, credit card and gated or hybrid entry.
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