AI powered smart-cart shopping start-up Shopic raises $10m

Shopic, an AI powered smart shopping cart solution has raised $10 million in equity funding as it seeks to become a leader in the space.

The funding round was led by Claridge Israel alongside existing investor Entrée Capital, IBI Tech Fund, and Tal Capital.

Shopic’s system uses AI technology that clips onto the handles of shopping carts and provides a cashierless checkout system for retailers.

The tech recognises when shoppers add or remove items, creates personalised store journeys for customers with in-aisle contextual promotions and assistance as shoppers move through the store.

Shopic claims its solutions are “pragmatic, immediately deployable, operational with minimal store adjustments, and deliver swift return on investment.”

READ MORE: Retailers called on to stop using facial recognition tech by civil rights groups

The company also says it is “deploying its solutions in stores of major grocery chains worldwide” and will use the new funds to accelerate commercial activities and expand its team.

“We’re excited to announce this additional funding that will help us progress more rapidly as we expand our solution into new stores and retail partners,” Shopic chief executive Raz Golan said.

“This investment, from a long-term growth investor such as Claridge Israel, is a vote of confidence in our approach to build and deliver frictionless retail solutions that are practical, immediately deployable, and cost-effective, without having to make major changes to the way stores are run.”

Claridge Israel managing partner Rami Hadar agreed by saying: “Shopic’s solution provides supermarkets a competitive edge that is affordable and scalable, without having to make significant changes to their stores’ infrastructure.”

“After following the industry closely over the last few years, we truly believe that Shopic offers the most scalable, economically efficient solution and we look forward to supporting the company on its journey in becoming a leader in its space.”

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