1. News
March 14, 2022

Retail AI platform AiFi secures $65m in Series B funding round

The company will leverage the funding to expand its technical team.

Automated retail technology company AiFi has secured $65m in a Series B funding round, which takes its total funding to $80m.

The financing round saw the participation of retail partners and investors including Verizon Ventures, Qualcomm Ventures, HP Tech Ventures, Mithril Capital, ALDI South Group, Żabka Group and REWE.

AiFi will leverage proceeds from the funding to strengthen its technical team. This will help the company to meet the increasing demand for AiFi’s solution.

The company’s flexible artificial intelligence (AI) platform helps retailers efficiently deploy and scale autonomous shopping solutions across operations.

The camera-only solution is implemented in a wide range of store formats including grocery stores, sports stadium canteens, convenience stores at universities and others.

Last year, AiFi partnered with ALDI South Group to power its contact-free, frictionless markets in London.

The company also launched a 10/10 Flash concept store with Carrefour in France and the first autonomous Carrefour City+ in Dubai.

AiFi CEO and co-founder Steve Gu said: “The pandemic heavily influenced consumer preferences, including the need for quicker, more seamless shopping experiences. It’s become clear that shoppers are ready for autonomous retail and AiFi is here to deliver.

“We relentlessly improve our AI algorithms to ensure we have a strong foundation to support our platform and the success we’ve seen with diverse store formats, speed of deployment and a frictionless customer experience attest to the flexibility and maturity our product has achieved.

“We have deepened our partnerships with some of the world’s largest retailers that share a vision of innovation. With this latest round of funding, we’ll be able to scale our partnerships and launch customised stores in record time to bring us closer to our vision of using AI to simplify people’s busy lives.”