Israeli frictionless checkout technology company Trigo has completed a $60 million Series B financing round led by 83North and with the participation of existing investors Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners, Tesco, and Morrag Investments. The latest round brings Trigo’s total funding to $94 million. The new funds will be used to meet growing demand for Trigo's product, boost R&D, and expand its global presence..
Trigo uses AI-powered computer vision technologies together with off-the-shelf hardware to retrofit existing stores. The company applies its proprietary algorithms to ceiling-mounted cameras which automatically learn and upload data on shoppers' movements and product choices, enabling customers to simply walk into a store, pick up their desired items, and walk out without stopping at the checkout. Payments and receipts are settled digitally.
The company has seen rapid growth and increasing demand for its technology throughout 2020, and is working with top retailers in Europe to open stores during 2021.
Trigo was founded in 2018 by brothers CEO Michael and CTO Daniel Gabay, veterans of the Talpiot IDF military intelligence unit which develops artificial intelligence technologies. The company has 85 employees, up from 50 in 2019, most of them in its Tel Aviv offices and it also operates an office in London.
Michael Gabay said, "Our technology enables grocers to integrate the efficiencies and insights of digital commerce into the physical world while providing a frictionless checkout experience for customers. Ultimately, our solution reduces physical contact and does away with waiting in line, enabling a safe, secure, and streamlined shopping experience that’s a win-win for retailers and consumers."
Trigo’s technology has been tapped by Tesco PLC, one of the world’s largest grocers with stores across the UK, Ireland and Central Europe. Tesco has been working on a trial with Trigo at a Tesco Express convenience store at its headquarters about 32 kilometers north of London.
Tesco CTO Guus Dekkers said, "We’re delighted to be working with Trigo as they continue to grow their business. Together, we have made great progress testing the frictionless checkout solution in our trial store in Welwyn Garden City and we are excited by this technology and the opportunities it brings."
Published by Globes, Israel business news - en.globes.co.il - on December 21, 2020
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