Mashgin, a touchless self-checkout system powered by AI and computer vision, announced it has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, elevating the company to unicorn status.
The Series B funding was led by global venture capital firm, NEA, and brings Mashgin's total funding to date to $74.7 million. Existing Mashgin investor, Matrix Partners also participated in the Series B round. Mashgin will use the new funding to grow its team, accelerate expansion and scale internationally.
According to the company announcement, Mashgin is already profitable and is the most vetted computer vision-based self-checkout system on the market today, with more than 35 million transactions completed and $310 million in transactions run through the Mashgin platform to date.
The Mashgin Touchless Checkout System identifies items from virtually any angle and instantly rings them up in a single transaction. It doesn't need barcodes or RFIDs, perfectly consistent packaging or particular orientations to work correctly. Consumers simply place their items down, pay and go — in 10 seconds or less. Watch a short video of consumers using Mashgin here.
Mashgin kiosks are currently deployed in more than 800 locations, including convenience stores, iconic sports stadiums, arenas and entertainment venues, airports, universities, corporate and hospital cafeterias.
Mashgin rings up multiple items in half a second and has an identification accuracy rate of 99.9%. Mashgin kiosks can be installed in as little as an hour. They also integrate with loyalty systems, facilitate cash payments, and allow customers to pay for gas at convenience stores.
Mashgin customers include:
- Convenience store chains such as ampm and Delek.
- HMS Host — the restaurateur and airport retailer has Mashgin deployments at major U.S. and international airports such as Charlotte Douglas International Airport, Dallas/Fort Worth International Airport, Los Angeles International Airport, Las Vegas International Airport, and more.
- More than 30 iconic sports stadiums, arenas and entertainment venues, including Arrowhead Stadium in Kansas City, SAP Center in San Jose and Madison Square Garden and Citi Field in New York City;
- Corporate and hospital cafes in partnership with Aramark, Compass Group and Sodexo.