PALO ALTO, Calif. — Mashgin, a touchless self-checkout system powered by artificial intelligence (AI) and computer vision, has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, elevating the company to ‘unicorn’ status.
A unicorn is a startup company with a value of more than $1 billion.
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 has 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.
Data collected from Mashgin transactions shows an increase in transaction throughput by as much as 400%. Mashgin kiosks are currently deployed in more than 800 locations, including convenience stores, and other businesses.
“The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation,” said Mukul Dhankar, chief technology officer and co-founder of Mashgin. “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%. 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 c-store chains such as BP's ampm stores and Delek's DK units. BP America Inc. is No. 7 on CSP’s 2022 Top 40 update to the 2021 Top 202 ranking of U.S. c-store chains by store count. Delek U.S. Holdings is No. 31. (Watch for the 2022 Top 202 ranking in the June issue of CSP magazine.)
Mashgin is a self-checkout system powered by AI and computer vision. 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 with headquarters in Palo Alto, Calif., Mashgin is a privately held company backed by NEA, Matrix Partners, Susa Ventures and Y Combinator.
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