Checkout-free software company Autonomo announced it has successfully closed a £2 million Seed funding round today. The startup builds checkout-free software that enables retailers to convert existing stores into a cashierless shopping experience.
Customers simply tap a payment card or phone. Accurate computer vision technology installed throughout the store then anonymously tracks the shopper matching them to the products they pick up. To checkout, the shopper just exits the store and the Autonomo platform automatically takes payment after itemising all the items.
This system benefits shoppers. Its computer vision-powered inventory and behavioural recognition capabilities also helps deter theft and reduce shrinkage. Launched in 2021, Autonomo is on target to automate the largest number of cashierless shops in Western Europe by the end of this year.
The funding is led by Potter Ventures, and Liverpool-based UK investors River Capital through their award-winning EIS growth fund' fund:AI.
It brings Autonomo's total funds raised to £3.8 million, with previous investors including The Edeka Group, Germany's largest supermarket corporation and angel investment from current and former directors at Aldi, Delivery Hero, Metro, Carrefour, Apple and Brookstreet Equity Partners of Mayfair.
James Sutherland, CEO of Autonomo, shared:
"We believe in a world where queues, staff inefficiencies, and theft are a thing of the past. With our system, we've seen hyper-local neighbourhood stores open again, stores open 24/7, and theft drop to near zero.
And because it can be scaled to accommodate various store sizes and formats and is significantly more cost-effective than some competitors, we've made this tech accessible to both small and large-scale retailers. Combining our tried and tested tech with fresh investment, we're excited to make a mark on the UK retail space and bring these benefits to Britain's businesses."
David Walters, Investment Director at River Capital, said:
"Fund:AI is proud to support Autonomo's trajectory towards becoming the leading Autonomous store provider in Western Europe, utilising UK capital and AI expertise in the North of England to create new deep tech jobs, tapping into the world-class data science expertise from the North West region.
Our due diligence revealed a pressing need for innovation in grocery retail, where skill shortages and consumer demands for seamless shopping experiences are evident.
Autonomo's solution not only addresses these challenges, but also empowers retailers to enhance customer service and sustainability practices, making it an exciting investment opportunity for us."
The funding will be used to bring Autonomous computer-vision-powered checkout solutions to the UK after already proving highly successful in Germany in petrol stations, convenience and grab-and-go stores.
Lead image: James Sutherland, CEO of Autonomo. Photo: uncredited.
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