Israeli tech startup Trigo Vision has raised $7 million to invest in manpower to help develop its retail automation platform that will help businesses better target customers with tailored product suggestions.
The technology works by tracking what customers are purchasing via a ceiling-based camera network. It then uses identification algorithms to work out exactly what the customer’s buying and will then charge them accordingly, removing the need for checkouts.
“Any type of automation market has to work with exceptionally high levels of accuracy, particularly in such a direct consumer-facing environment such as retail,” says CTO Daniel Gabay. “This is our goal and we believe the technological capabilities of our platform, with its combination of flexibility and scalability, can supersede rivals in the space, even compared to that of the tech behemoths.”
The funding will be used to recruit research and development experts to help expand the tech’s use cases and the money will also be invested into developing new applications for the sophisticated tech.
“We have received tremendously positive feedback for Trigo Vision,” said CEO Michael Gabay. “We’re already in talks with major grocers globally and we’re confident that Trigo Vision will be the first platform to debut in a live retail store. With this investment, we will be looking to develop additional novel applications to our tracking technology, driving in-store operational efficiency and customer engagement even further.”
Trigo Vision has received funding led by contributions from UK-Israel based Hetz Ventures and Vertex Ventures Israel. One of the reasons Vertex backed the campaign is because it believes the company addresses a real-world retail problem – eradicating the checkout from the shopping experience.
“The founding team has managed to assemble a world-class R&D team to tackle an enormous user experience problem in Retail,” adds Yanai Oron, General Partner at Vertex Ventures, one of the companies backing Trigo. “The speed in which the company has put together a working product and early traction with large retailers is a testament to that.”