AI-powered shopping cart Caper has secured $10m funding in Series A round led by venture capital firm Lux Capital.
The financing round has also seen participation from the company’s existing investors, including First Round Capital, Y Combinator, Hardware Club, Sidekick Fund, and FundersClub.
New York-based supermarket chain Red Apple Group and some unidentified strategic investors also participated in the funding round.
Caper will use the investment to expand its team and fund its future rollouts with mega-retailers.
Lux Capital partner Zack Schildhorn said: “US consumers spend more on groceries than health insurance, education or entertainment.
“Many startups attacking this space are prioritising technical conquests over customer needs. Instead, Caper targets affordability, ease of deployment, and a magical-yet-familiar shopper experience.”
Caper offers automated checkout solutions such as low-cost AI shopping carts with installed sensors and computer vision to retailers.
Retailers can use these solutions to offer a ‘frictionless checkout experience’ to their customers and support existing business.
Caper founder and CEO Lindon Gao said: “We are pleased to have amazing like-minded investors to join us in this round. Automated checkout will redefine the future landscape of retail and commerce.
“Caper not only streamlines checkout but also, through its screens on the cart, interfaces with shoppers to deliver details of products, recipes, and tailored recommendations as they shop.
“We’re excited to be at the forefront of bringing enriched retail experiences to shoppers and practical ROIs to retailers.”
In the next year, the AI technology company aims to launch more than 1,000 shopping carts. The plans follow the execution of contracts with some major North American grocery chains.