Standard Cognition, which provides an autonomous checkout solution that can be installed in retailers’ existing stores, has acquired Milan, Italy-based Checkout Technologies, which has developed Artificial Intelligence (AI) technology for retail frictionless checkout. The acquisition significantly increases the size of Standard’s engineering team and seeds its European presence.
“With this acquisition, Standard gains solid technology and more than a dozen top-shelf AI and machine learning engineers, and gets us an immediate ground presence in Europe,” said Jordan Fisher, co-founder and CEO of Standard. “More engineering power means we can accelerate our roadmap and bring new innovations to our clients faster.”
“Standard has emerged as the clear leader in autonomous checkout, and we are thrilled to now be part of this team," said Enrico Pandian, founder and CEO of Checkout Technologies and also the founder of Italy’s Supermercato24. "Checkout and Standard were both working on the same retail issues and we found that we had a lot in common. Together, we can make significant inroads in the global retail market.”
“Milan is an emerging center for machine learning and AI research and development,” said Fisher. “We’re excited to expand our presence in Europe with this acquisition, and to invest in Milan’s growing technology sector.”
Standard Cognition was one of the first startups in the autonomous checkout space, and first to open a cashierless store in San Francisco. The company has raised $86M in funding from high-profile investors including CRV, Initialized Capital, EQT Ventures and Y Combinator.