The leading checkout-free technology startup Zippin has announced the completion of a $30 million Series B funding round.
The latest round attracted new and existing investors including Maven Ventures, Evolv Ventures, OurCrowd, and SAP. Zippin has raised a total of more than $45 million through funding rounds since its founding back in 2018.
This year, the startup has experienced significant growth in different areas including the signing of new accounts and launching new public checkout-free stores while strengthening its leading technology position in the future of the retail industry. Krishna Motukuri, Co-founder & CEO at Zippin, referred to this growth by stating:
“Zippin has seen increased demand and rapid adoption of checkout-free technology during the pandemic. 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,”
Founded by industry veterans from Amazon and SRI with ample experience in retail technology, Zippin is developing checkout-free technology for stores across the world with a range of retail formats such as convenience and grocery stores, residential buildings, sports stadiums, and hotels.
The new funding will be used to expand the startup’s checkout-free service to serve its projected tens of thousands of stores by 2025. Currently, the startup’s technology has been rolled out among several famous brand retailers such as the world’s largest foodservice provider Aramark Corporation, Brazil’s largest retailer Americanas Compass Group, and the third-largest convenience store chain in Japan Lawson.
The unique AI technology developed by the checkout-free technology Startup provides more than 99.9% accuracy to stores with high shopper density and a complex selection of products. It works well in both newly constructed stores and existing stores, extending its applications in a growing market.