Trigo raises $22m. to accelerate cashier-less stores
Tel Aviv-based autonomous retail store developer Trigo Vision’s aspiration to drive brick-and-mortar stores into a more modern future was boosted on Monday when the company announced that it had raised $22 million in funding.
The A-Round of funding was led by Savyon-headquartered growth fund Red Dot Capital, together with existing investors Vertex Ventures Israel and Hetz Ventures. Trigo has raised $29m. in funding to date.
Established by brothers Michael and Daniel Gabay in 2018 after serving in the IDF’s most elite data science and intelligence units, Trigo uses artificial intelligence and computer-vision technologies to eliminate the need for checkouts and product scanning.
The company’s solution, based on ceiling-mounted commodity cameras that can be retrofitted into existing stores, automatically identifies and records items selected in store. Shoppers can be billed automatically if they register their details, or alternatively pay by cash or card when leaving the store without passing through the checkout.
Trigo says it is currently partnering with several global grocery chains, including leading European retailers and Israel’s Shufersal. The largest supermarket chain in Israel, Shufersal plans to deploy Trigo’s technology in 280 stores over the next five years.
“There is very strong demand globally among grocery retailers to dramatically improve customer experience,” said Michael Gabay, co-founder and CEO of Trigo. “The common denominator is that everyone is searching for technology to enable the most seamless in-and-out shopping experience. These new funds will be used to scale our technology further and support our global expansion.”
In addition to checkout-free shopping providing an enjoyable customer experience, Trigo’s solution also offers further advantages to retailers, including real-time shelf and inventory updates, prevention of shoplifting and customer behavior insights.
The funds, the company said, will enable Trigo to scale its technology for even larger store sizes. Its solution is currently being deployed in stores double the footprint of cashier-less Amazon Go stores, which are constructed from scratch rather than retrofitted. The company also plans to accelerate its deployment throughout the United States and Europe.
“We believe that Trigo’s world-leading computer-vision team will be the first to scale this technology globally and unlock the full potential of a true grocery-wide revolution,” said Barak Salomon, managing partner of Red Dot Capital.
“The process of manually scanning bar codes for each separate item at checkout is outdated and time-consuming. Trigo’s technology is going to save brick-and-mortar, revitalizing the in-store experience while keeping the best part of shopping alive.”