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Cashierless checkout startup raises $35M in funding

August 8, 2019

Standard Cognition, which provides cashierless checkout technology, has raised $35 million in Series B funding, which more than doubles its valuation to $535 million in eight months.

The funding round was led by EQT Ventures and additional investors include Initialized Capital, CRV and Y Combinator, according to a press release.

Standard's total funding is now more than $86 million. The startup plans to use the funding to focus on early customers in the U.S. and Japan, according to the release.

"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,” said Jordan Fisher, co-founder and CEO, in the release.

Standard Cognition’s AI-based system lets consumers shop and pay in any of its customers’ stores without scanning or stopping to check out. It opened San Francisco’s first autonomous checkout store in August 2018 and is deploying for two retailers in multiple locations later this year, according to the release.