Mashgin, the world’s fastest touchless self-checkout system powered by AI and computer vision, today announced it has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, elevating the company to unicorn status.
The Series B funding was led by global venture capital firm, NEA, whose prior investments include Robinhood, Cloudflare, Patreon, Uniphore and others, and brings Mashgin’s total funding to date to $74.7 million.
Existing Mashgin investor, Matrix Partners also participated in the Series B round. Mashgin will use the new funding to grow its team, accelerate expansion and scale internationally.
“The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation,”
said Mashgin Chief Technology Officer and co-founder, Mukul Dhankar.
“Our mission is to leverage artificial intelligence to create real world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty.”
Mashgin recently won gold in the highly prestigious 2022 Edison Awards, was named to the 2022 Fast Company World’s Most Innovative Companies list, and also named to CB Insights’ Retail Tech 100 annual ranking of the 100 most promising B2B retail tech companies in the world.
Mashgin is the world’s fastest self-checkout system powered by AI and computer vision. Consumers demand instant gratification. Mashgin’s Touchless Checkout System eliminates consumer frustration while increasing revenue for retailers with checkout that is four times faster than cashiers and traditional points-of-sale. There’s no need to look for and scan bar codes: customers simply place their items on Mashgin’s tray, pay electronically, and can be on their way in as little as 10 seconds.
Founded in 2013 and headquartered in Palo Alto, California, Mashgin is a privately held company backed by NEA, Matrix Partners, Susa Ventures and Y Combinator. Follow Mashgin on Twitter and LinkedIn or learn more about Mashgin at www.mashgin.com.