Checkout-free technology provider Zippin has closed a $30 million Series B funding round with participation from new and existing investors that include OurCrowd, Maven Ventures, Evolv Ventures and SAP. The new round brings Zippin's total funding to more than $45 million.
This follows Zippin's significant progress in recent months, including signing numerous new accounts, launching multiple new public checkout-free stores and further solidifying its leading technology within the future of retail, according to the company.
The company currently powers checkout-free stores across four continents in formats such as convenience stores, grocery stores, sports stadiums, hotels and residential buildings. With this funding round, Zippin expects to scale its checkout-free platform and power tens of thousands of stores by 2025.
"Zippin has seen increased demand and rapid adoption of checkout-free technology during the pandemic," said Krishna Motukuri, Zippin co-founder and CEO. "Shoppers want contactless experiences everywhere they go.
As retailers realize that frictionless checkout-free technology is also contactless by design, they see a great opportunity to kill two birds with one stone. With a checkout-free platform like Zippin, retailers can offer shoppers what they are looking for today, and future-proof their business, both at the same time."
Zippin's multimodal AI technology is designed to deliver greater than 99.9 percent accuracy even in stores with high shopper density and a complex selection of products, including unbranded and small-sized items. It also works in both newly constructed stores and retrofits of existing stores.
The Series B funding will help Zippin accelerate the pace of innovation in the areas of deployment and maintenance. The company's goal is to retrofit stores within a single day with zero or minimal down time for retailers.
San Francisco-based Zippin has offices in San Francisco, Dallas, Toronto and India.
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