Trigo Vision, the Israeli startup that builds cashierless checkout tech for retailers, announced today that it has raised a $22 million A round of funding. The round was led by Red Dot Capital with the participation from existing investors Vertex Ventures Israel and Hetz Ventures. This brings the total amount raised by Trigo to $29 million.
Trigo retrofits supermarkets with cameras and computer vision to create a line-free checkout, Amazon Go like shopping experience. The company has a partnership with Israel’s largest grocer, Shufersal, which will use Trigo’s technology in all of its 280 stores. It has also been reported that Trigo is also working with UK-based grocer, Tesco. Trigo says that its technology is currently installed in stores as large as 5,000 square feet (the largest Amazon Go store is 2,100 sq. feet).
Funding wasn’t the only news from Trigo today. The company has a new name, well, a shortened one anyway. The company announced it was lopping off “Vision” from its name and going by just Trigo.
This has been a pivotal year for cashierless checkout startups, many of which have received sizable rounds of funding. Since January:
- Grabango raised $12 million
- Standard Cognition raised $35 million (after a previous $40 million raise last year)
- AWM Smart Shelf raised $10 million
- Caper raised $10 million
- Zippin got an undisclosed strategic investment as part of a partnership with Brazil’s Lojas Americanas
Of these however, only Trigo, Zippin and Grabango have publicly named their retail partners: Shufersal, Ame Go and Giant Eagle, respectively. Being able to publicly announce customer names is almost as important as the money being raised at this point because it shows the retailer is willing to go on record about a specific technology solution. Once a retailer has committed with a particular cashierless solution, it’s less likely they will it out and replace it with something else.