Israel-based computer vision company Trigo has raised $100m in an equity financing round to expedite its growth.
Trigo will use the proceeds from the funding to increase its network of autonomous urban supermarkets across Europe and the US.
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The company also plans to enter new territories and develop StoreOS, its store and inventory management software application suite.
Among others, the StoreOS suite will enable retailers to track inventories in real-time, reduce out-of-stock and expired items, mitigate fraud and personalise marketing.
Trigo co-founder and CEO Michael Gabay said: “By opening multiple autonomous stores with five of the world’s leading grocery retailers, we have proven that we can deploy computer vision and AI to empower physical stores with the same kinds of insights and capabilities that e-commerce stores have.
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“This investment allows Trigo to build on this success and focus on three core initiatives: expanding our autonomous retail platform, building increasingly larger stores, and executing a pipeline of contracted stores around the world.”
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By GlobalDataSingapore-based investment firm Temasek and 83North led the funding round, which also saw contributions from SAP, Hetz Ventures, Red Dot Capital Partners, Vertex Ventures, Viola and REWE Group.
SAP executive vice-president Joern Keller said: “As a leading provider of enterprise software for the retail industry, SAP is delighted to join as a strategic investor to Trigo to support the development of the StoreOS autonomous supermarket operating system.
“Their solutions will complement SAP’s cloud solutions for retail, integrating seamlessly with SAP S/4HANA and pave the way towards building an intelligent store.”
Trigo uses AI to convert existing supermarkets into ‘frictionless’ shopping experiences without compromising their appeal and layout.
Retailers that have used the company’s solutions include Tesco, REWE Group, Netto Marken-Discount, Shufersal and Wakefern Food Corp.
Earlier this year, Trigo partnered with German discount supermarket giant ALDI NORD to open an AI-powered autonomous supermarket in Utrecht, Netherlands.
