Tesco-backed frictionless checkout firm Trigo has raised $60m in a series B funding round, bringing total investment in the Israeli business to $94m.
The latest funding, led by venture capital firm 83North, would be used to scale Trigo’s ability to meet growing demand and boost R&D, the checkout-free tech company said.
Existing investors joined the round, including Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners and Morrag Investments, as well as Tesco.
Trigo uses AI-powered computer vision and ceiling-mounted cameras to allow customers to pick up what they want and walk out of stores without visiting a checkout. Payments and receipts are settled digitally.
Tesco announced an equity investment in the Amazon Go-rivalling business in October last year and has been testing the technology in a store at the supermarket’s Welwyn Garden City headquarters.
Trigo said it had seen a rapid increase in demand for its technology, which can be retrofitted to stores, and was working with leading European retailers to launch sites in 2021.
“Ultimately, our solution reduces physical contact and does away with waiting in line, enabling a safe, secure, and streamlined shopping experience that’s a win-win for retailers and consumers,” said Trigo co-founder and CEO Michael Gabay.
Tesco chief technology officers Guus Dekkers said: “We’re delighted to be working with Trigo as they continue to grow their business. Together, we have made great progress testing the frictionless checkout solution in our trial store in Welwyn Garden City and we are excited by this technology and the opportunities it brings.”
83North partner Yoram Snir said: “Trigo’s solution gives grocers a competitive edge with an option that is affordable and scalable, without having to make significant changes to their stores’ infrastructure.
“While Amazon might be first out the gate to use its scale to capitalise on new consumer demands, it is no surprise to me that Europe’s biggest grocery retailers have tapped Trigo’s exceptional team to position them as leaders in frictionless checkout.”
A recent report by Juniper Research forecast smart checkout technology would process nearly $400bn of transactions within the next five years.