Millennium leads $10m round in checkout scan co Supersmart

Chanan Schneider credit: Shlomi Harel
Chanan Schneider credit: Shlomi Harel

Supersmart's systems scans and validates the contents of a supermarket cart in three seconds.

Millennium Food-Tech (TASE: MIFT.L) today announced that it has led a $10 million financing round in Israeli supermarket checkout scanning systems developer Supersmart.

Supersmart develops automatic AI systems for retail chains. As part of the financing round, Millennium Food-Tech will invest up to $5 million, in participation with other funds and investors. The current financing round will be used to support the growth of the company and increase its global customers base, and to continue deploying and enlarging sales among existing customers, while strengthening and developing its existing technology, expanding marketing of the product to new areas, developing new products, and hiring employees.

Millennium Food-Tech will invest $3 million in the first stage. This is the tenth investment since the Millennium Food-Tech R&D Partnership held its IPO 18 months ago on the Tel Aviv Stock Exchange (TASE) including leading the $70 million financing round in flexible compostable packaging solutions company TIPA earlier this month.

Supersmart has developed technology that allows supermarket customers to install an app on their mobile devices that scans products at the time of purchase. At the checkout, the customer puts the cart through the scanning unit, where cameras, AI and weighing sensors validate the contents of the cart in three seconds, adds up the bill, and makes certain that all the products in the cart have actually been scanned. The technology allows the customer to pay through an app or a special pay station and receive their bill slip directly to their mobile phone and then leave the store without needing to wait in line at the checkout. The shopping experience is thus enhanced and the retailer is able to provide more efficient and improved service and reduce loss of goods through theft and errors by 90%.

Supersmart, which was founded in 2014, raised about $10 million to date, before the latest financing round and has 40 employees in Israel. The company’s solution is fully deployed by many retailers around the world including Metro, Edeka, and Selgros, and installation has begun at leading retail chains in the US. In Israel, Superstore’s system operates in the branches of the Osher Ad supermarket chain, which was the first to believe in the solution and install it in all its branches, and in the Shuk Ha’Ir chain. The company’s solutions are installed at other customers including in Germany, the Czech Republic, Turkey, Ukraine, Romania, Spain and Hungary. Another breakthrough is expected this year in the US, where Supersmart has signed agreements for several projects with leading chains.

Supersmart CFO Ofer Ilan: "The belief shown in us by Millennium Food-Tech, as well as existing investors and the world’s leading marketing chains, establishes Supersmart as a leading solution, which upgrades the customer experience, in an easily applied way, and through which checkout lines will become a thing of the past. We are leading the supermarket checkout revolution, which includes a technological app that prevents mistakes and theft. We are excited about the installation of our technology in new markets around the world. Together with the marketing chains, we can provide and lead genuine change in the retail world. The investment in question will help us as a company to further the development of the product and expand into additional markets."

Millennium Food-Tech, which is managed by CEO Chanan Schneider and chairman Guy Rosen, specializes in personally tailored nutrition, protein substitutes, reducing food waste and leftovers, smart packaging, artificial intelligence in the food sector and new food ingredients. The company has raised NIS 118 million to date.

Published by Globes, Israel business news - en.globes.co.il - on January 16, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Chanan Schneider credit: Shlomi Harel
Chanan Schneider credit: Shlomi Harel
GMT CFO Eran Tibon credit: PR Political tensions cause 50% more interest in transferring money abroad

According to data from advanced financial services company Global Money Transfer, steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara, could cause capital to flee Israel.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Rafael CEO Yoav Turgeman credit: Rafael Spokesperson Rafael CEO: Iron Beam will be ready in 2025 as promised

In presenting record financial results for 2024, Yoav Turgeman tells "Globes" that the high energy laser weapon system will be operational this year.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Moody's, Benjamin Netanyahu, Bezalel Smotrich, credit: Shutter stock, Government Spokesperson, Tali Bogdanovsky Moody's: Political risks weigh on Israel's rating

"Israel's sovereign credit profile reflects very high political risks that have weakened economic and fiscal strength."

Stef Wertheimer  credit: Reuters Industrialist and philanthropist Stef Wertheimer dies aged 98

Wertheimer founded Iscar, which was sold to Warren Buffett's Berkshire Hathaway, and was behind many industrial and social initiatives, as well as having a brief political career.

Island founders Dan Amiga and Mike Fey credit: Antonio Delucci Browser security co Island raises $250m at $5b valuation

The company has developed a communications technology that enables fast remote connection to corporate computers.

Yossi and Shlomi Amir  credit: Jonathan Bloom Shufersal doubles annual profit

Streamlining measures by brothers Yossi and Shlomi Amir since they took control have vastly improved the supermarket chains profitability metrics.

Africa Israel Residence CEO Ronit Eshed Levy credit: Cadya Levy "Jewish communities abroad want to move together to Jerusalem"

Africa Israel Residence CEO Ronit Eshed Levy told the Globes Going Long on Israel investment conference about urban renewal in Jerusalem.

Arkia aircraft credit: Arkia Arkia to introduce business class on New York flights

For the first time in its history Arkia will operate business class with round-trip Tel Aviv New York tickets starting from $3,500.

Knesset passes 2025 budget credit: Noam Moskovitz Knesset Spokesperson Knesset approves 2025 state budget

The NIS 620 billion budget has ballooned by NIS 100 billion and will rely on a fiscal deficit of 4.9% of GDP.

Tel Aviv Stock Exchange  credit: PR Volumes peak on Tel Aviv Stock Exchange

Greater optimism in Israel and a shift away from US markets have brought trading volumes in Tel Aviv to a historical high, but will the trend be sustained?

Volkswagen credit: PR VW announces huge collaboration with Mobileye

A new advanced driving assistance system will be installed in millions of cars annually.

Navina founders Ronen Lavi and Shay Perera credit: Eyal Izhar Israeli clinical AI co Navina raises $55m

Navina equips clinicians and care teams with real-time, data-driven insights that improve the quality of care and financial outcomes.

Yoni Assia  credit: eToro PR Trading platform eToro set for IPO

The company has filed a prospectus with the SEC, showing that its revenue tripled in 2024, with 96% deriving from crypto trading.

Minister of Finance Bezalel Smotrich and Minister of Transport Miri Regev  credit:  Marc Israel Sellem, The Jerusalem Post Deal: Gush Dan congestion charge for Kiryat Shemona railway

Miri Regev is close to final agreement with the Ministry of Finance on funding for her pet project in return for removal of her objection to the congestion charge.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018