North American online grocery platform Instacart has purchased Caper AI, an artificial intelligence (AI) powered shopping cart and checkout technology platform.
Based in New York, Caper has developed AI-powered shopping carts and automated checkout counters to offer customers with new in-store shopping experience.
The Caper cart uses AI and machine learning to scan products as customers put them in the cart, so they do not need to spend additional time scanning or weighing the products.
The Caper Counter features a smart box equipped with cameras and a weight sensor to automatically detect items placed on a counter.
By acquiring Caper, Instacart intends to expand its platform and help retailers combine their in-store and online shopping experiences for customers.
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The financial terms of the transaction have not been disclosed, but the deal is reportedly estimated to be worth around $350m.
Instacart CEO Fidji Simo said: “We share the same goal of equipping retailers with new and innovative technologies that help them succeed in an increasingly competitive industry, while also providing customers with the best possible experience.
“We’re excited to bring Caper’s leading smart carts and smart checkout platform to more retailers around the world, as we all reimagine the future of grocery together.”
Caper will join Instacart’s solutions for retail partners, which include the Instacart online shopping marketplace, enterprise e-commerce services, fulfilment technology for delivery and pickup, and last-mile delivery services.
Caper AI co-founder and CEO Lindon Gao said: “We share Instacart’s vision of enabling grocery retailers with new innovations that create step changes for their businesses, and we’re proud to now be joining forces with Instacart to develop even more solutions that help bring the online and offline together for retailers.”
Earlier this month, Instacart acquired software as a service (SaaS) order management system provider FoodStorm for an undisclosed sum.
FoodStorm drives end-to-end order-ahead and catering experiences for grocery retailers, including a number of Instacart’s existing retail partners.