Israel-headquartered retail technology startup Xpand has raised $6m in a funding round to expand its AI-powered autonomous retail stores globally.
The investment, led by Ibex Investors and Emerge, will support the launch of Xpand’s first smart autonomous store in Vienna, Austria, and “the company’s plan to expand access to efficient, frictionless retail infrastructure worldwide”.
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The new funding will be instrumental for Xpand as it enters the next phase of growth, with a focus on the deployment of its “store-in-a-box” units.
The modular stores operate without staff, using robotics, computer vision and real-time inventory management to provide a 24/7 shopping experience.
The new capital will expedite the rollout of stores across Europe and North America, as well as expanding the company’s sales, marketing and technology teams.
The executive team’s participation in the funding round included chairman and CEO Joel Bar-El.
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By GlobalDataBar-El, who co-founded Trax Retail, brings industry expertise to the company, along with other senior team members from SAP, Retalix, Bringg and Magic Leap.
“With this new investment, we are ready to move from vision to global execution,” Bar-El stated. “The Vienna store is only the beginning. Our leadership team is deeply committed to bringing scaleable, autonomous retail to life.”
Xpand was originally founded as 1MRobotics in 2021. It underwent rebranding to better represent its transition from research and development to commercialisation.
Bar-El added: “Our mission is to power the next generation of retail – autonomous, scaleable, and always on. We are excited to partner with global retailers to bring this model to life.”
