SAN FRANCISCO, Calif., July 25, 2019– Standard Cognition, which is building the next interface of retail, announced today that it has raised a $35M Series B funding round led by the EQT Ventures fund (“EQT Ventures”) with participation from existing investors Initialized Capital, CRV and Y Combinator.
This brings Standard’s total funding to date to more than $86M, and its post-money valuation to $535M more than a 2x increase since the company raised its Series A in Nov 2018.
The funding enables Standard to continue to focus on making its early customers in the U.S. and Japan successful while growing the team and expanding both domestically and internationally.
Jordan Fisher, Co-founder and CEO of Standard, said, “We really hit it off with the EQT Ventures team, and we’re incredibly excited to have them on board as we enter our next stage of growth. Standard’s initial customer implementations are moving along quickly, and in the coming months we’ll be able to reveal more detail about our work with our global retailers. Feedback from retailers is that Standard’s light footprint, low hardware costs and fast installation are the main reasons why they are selecting us.”
Standard Cognition’s AI-based system lets consumers shop and pay in any of its customers’ stores without scanning or stopping to check out. An alternative to Amazon Go, Standard’s platform is available to any retailer, improving the customer experience, reducing costs and opening new revenue streams for retailers.
Standard opened San Francisco’s first autonomous checkout store in August 2018. The company has signed several retail customers and is deploying for two already in multiple locations, with scheduled go-live dates in Q3 and Q4 of this year. Hundreds of other retailers are currently evaluating Standard’s technology.