Tel Aviv-based retailing automation company Trigo Vision has announced a $7 million seed funding round by UK-Israel based Hetz Ventures and Vertex Ventures Israel. Trigo Vision’s platform combines a highly sophisticated, ceiling-based camera network with machine vision algorithms to identify and capture customers’ shopping items with exceptional levels of accuracy during their in-store journey, eliminating the need for a checkout process.
The company says that the funding will be used to acquire top talent in order to grow its core R&D team and build new applications for their technology, which it claims is the most precise retail automation platform available today.
"We’re excited to lead the first funding round of Trigo Vision together with Vertex Ventures. We believe the company's strengths as a team have driven them to where they are today,” said Judah Taub, Managing Partner of Hetz Ventures. “Trigo Vision’s cutting edge technology combined with their passion and execution skills will help define the future of brick and mortar retail."
"The founding team has managed to assemble a world-class R&D team to tackle an enormous user experience problem in Retail,” adds Yanai Oron, General Partner at Vertex Ventures, “The speed in which the company has put together a working product and early traction with large retailers is a testament to that."
Trigo Vision’s founders, brothers Michael and Daniel Gabay, gained extensive experience working on a multitude of complex projects for Israel’s military intelligence. The company says that its patent-pending computer vision technology necessitates significantly fewer cameras compared to other solutions on the market today, and that it provides extremely precise identification of products. Complementing this, the company’s platform offers retailers complete flexibility and scalability for easy and swift deployment into a store of any size, without requiring any type of change to its layout or structure. Their system can also be customized according to cultural differences within each market.
“We have received tremendously positive feedback for Trigo Vision,” said CEO Michael Gabay. “We’re already in talks with major grocers globally and we’re confident that Trigo Vision will be the first platform to debut in a live retail store. With this investment, we will be looking to develop additional novel applications to our tracking technology, driving in-store operational efficiency and customer engagement even further.”
“Any type of automation market has to work with exceptionally high levels of accuracy, particularly in such a direct consumer-facing environment such as retail,” says CTO Daniel Gabay. “This is our goal and we believe the technological capabilities of our platform, with its combination of flexibility and scalability, can supersede rivals in the space, even compared to that of the tech behemoths.”
Published by Globes [online], Israel business news - www.globes-online.com - on July 11, 2018
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