Israeli startup Shopic, which has developed a retail AI solution, announced on Tuesday that it has raised an additional $10 million in equity funding led by technology growth investor Claridge Israel, with the participation of the company’s existing investors, Entrée Capital, IBI Tech Fund, and Tal Capital. Oded Tal, Founding Managing Partner of Claridge Israel, will be joining Shopic’s Board of Directors. Shopic, which has raised $21 million to date, plans to use the funding to expand its commercial activity and recruit additional employees.
Shopic has developed an AI-powered clip-on device that can turn any standard shopping cart into a smart cart. It can be deployed with minimal modifications to a store’s infrastructure and layout and still deliver the full benefits of smart cart shopping – including a shopping experience without checkout lines while offering a personalized store journey with contextualized promotions.
Using computer vision technology, Shopic’s clip-on device instantly recognizes items placed in or taken out of the cart in real-time, automatically registering them by price and displaying the shopper’s active receipt on the device’s screen. Shopic personalizes the in-store experience by offering digital promotions based on consumers’ previous buying habits, store location, and item selection all in real-time. For retailers, Shopic’s analytics engine optimizes store management with real-time tracking of shopping carts and store shelves, solving retailers’ lack of information from the moment a shopper enters a store and until they checkout. Shopic provides retailers with live data on a shopping journey and the shopper’s various interactions in the store.
“Our computer vision technology solves many of the challenges of the noisy, visual-heavy environment of big supermarkets, while still delivering fast performance at very high accuracy levels,” said Eran Kravitz, Shopic’s Co-Founder and CTO.