Israeli store digitalization company Trigo has announced the completion of a $100 million financing round led by Singapore state investment firm Temasek Holdings and 83North. Existing investors also participated in the round, including Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, Viola, supermarket giant REWE Group and new strategic investors include SAP SE, who will also help commercialize Trigo’s solution.
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 tech-powers grocery stores with market leading frictionless checkout and digitized operations. Trigo is a computer vision company building the infrastructure for autonomous retail stores and retail analytics. The new funds will be used to expand deployment of autonomous urban supermarkets across Europe and the US, enter new markets, and further develop the country's comprehensive store and inventory management software application suite, StoreOS.
Trigo’s solutions are used by world’s leading grocery retailers, including Tesco in the UK, ALDI Nord in The Netherlands, REWE Group and Netto in Germany, Israel’s Shufersal, and Wakefern Food Corp., the largest retailer-owned cooperative in the US.
Michael Gabay said, "We have proven that we can deploy computer-vision and AI to empower physical stores with the same kinds of insights and capabilities that e-commerce stores have. This investment allows Trigo to execute on its expansion plan and mature our product to support the evolving needs of our customers."
Published by Globes, Israel business news - en.globes.co.il - on October 26, 2022.
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