Retail tech startup Accel Robotics raises $30m from SoftBank and others
California-based Accel Robotics, a retail tech startup which uses artificial intelligence (AI) and computer vision to provide checkout-free experience, has raised $30 million in a Series A funding round led by SoftBank Group.
Founded in 2015, Accel Robotics enables customers to grab products they need and go. As the products are automatically tallied when they were picked up, it gives a checkout free shopping experience across existing and emerging store formats through its camera-based AI and computer vision system.
Customers receive a receipt via text message or app notification.
The retail tech startup, through its commerce platform, enables retailers and brands to run their stores with more efficiency with increased throughput, thereby boosting their end-to-end operations with a better bottom line.
The retail tech company also offers key data streams like live inventory and shopper analytics to retailers for an improved in-store experience.
Accel Robotics will extend the commerce platform in stores with category-leading grocery, convenience, drugstore chains, and quick service restaurants across North America and Japan.
Retail tech startup Accel Robotics raises $30m from SoftBank and others. Image courtesy of Stuart Miles/Freedigitalphotos.net.
The platform is said to help retailers set stores in new environments, thus extending their reach, gain new customers, and grow revenue.
The funding from the Series A round will help the retail tech startup in San Diego to speed up its expansion globally by growing operations, increase manufacturing capacity, and optimize its deployment pipeline. In addition to the $30 million funds, the retail tech company previously secured $7 million funds.
Brandon Maseda – CEO of Accel Robotics said: “We are excited to partner with the team at SoftBank Group to help scale our frictionless commerce platform with retailers and brands around the world.”
The Series A funding round had also participation from existing investors such as New Ground Ventures, RevTech Ventures, and Toyo Kanetsu Corporate Venture Investment Partnership.