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August 15, 2021

Shopic Secures Additional $10 Million to Take its Frictionless Shopping Solution to the World’s Largest Grocery Chains

The Smart(est) Shopping Cart
AI in the Aisle
Digitalizing the Retail Front End
Online Experiences in Physical Stores
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With great excitement, we have announced in August 2021 that we have raised an additional $10 million in equity funding, bringing the total to $21 million. The round was led by technology growth investor Claridge Israel, with the participation of the company’s existing investors, Entrée Capital, IBI Tech Fund, and Tal Capital. Shopic creates frictionless, personalized shopping experiences in brick-and-mortar stores.

Already deploying our solutions in stores of major grocery chains worldwide, we will use the new funds to accelerate commercial activities and expand our team. Leading grocers and retailers are constantly exploring smart cart technologies to meet the growing demand for frictionless shopping and cashier-less checkout. However, introducing purpose-built smart carts to a store is often operationally complicated and very costly. Shopic overcomes these challenges with an AI-powered clip-on device that can turn any standard shopping cart into a smart cart. It can be deployed with minimal modifications to a store’s infrastructure and layout and still deliver the full benefits of smart cart shopping – an effortless shopping experience without checkout lines while offering a personalized store journey with contextualized promotions. Shopic’s smart cart solution can be deployed in large supermarkets, unlike most other frictionless solutions that are limited to small convenience stores. 

“We’re excited to announce this additional funding that will help us progress more rapidly as we expand our solution into new stores and retail partners,” said Raz Golan, CEO and Co-founder of Shopic.

“This investment, from a long-term growth investor such as Claridge Israel, is a vote of confidence in our approach to build and deliver frictionless retail solutions that are practical, immediately deployable, and cost-effective, without having to make major changes to the way stores are run.”

Ready for the future of retail?

Using computer vision technology, our clip-on device instantly recognizes items placed in or taken out of the cart in real-time, automatically registering them by price and displaying the shopper’s active receipt on the device’s screen. Shopic personalizes the in-store experience by offering digital promotions based on consumers’ previous buying habits, store location, and item selection all in real-time - saving them time and money. For retailers, Shopic’s analytics engine optimizes store management with real-time tracking of shopping carts and store shelves, solving retailers’ lack of information from the moment a shopper enters a store and until they checkout. Shopic provides retailers with live data on a shopping journey and the shopper’s various interactions in the store. This data can be used for footpath personalization, contextual promotions and better understanding of shopping habits.

“Shopic has been developing retail-specific AI for several years, and we’ve gained intimate knowledge of the space and our customers’ unique needs,” said Eran Kravitz, Shopic’s Co-Founder and CTO.

“Our computer vision technology solves many of the challenges of the noisy, visual-heavy environment of big supermarkets, while still delivering fast performance at very high accuracy levels.”

We are already working with some of the largest retailers in Europe, the US, and Israel. Initial deployments indicate that more than 90% of shoppers are enthusiastic about the smart cart and feel their overall shopping experience has improved. Initial data also indicated that shoppers who used Shopic increased their basket size by more than 10%. 

“Shopic’s solution provides supermarkets a competitive edge that is affordable and scalable, without having to make significant changes to their stores’ infrastructure,” said Rami Hadar, a Managing Partner at Claridge Israel.

“After following the industry closely over the last few years, we truly believe that Shopic offers the most scalable, economically efficient solution and we look forward to supporting the company on its journey in becoming a leader in its space.” Oded Tal, Founding Managing Partner of Claridge Israel, will be joining Shopic’s Board of Directors.

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Shopic in the media

Recent News & Coverage

August 23, 2022
Grocery smart carts aim to be the saving grace for self-checkout hate
CBInsights's Kennedy echoed that it has historically been difficult for retailers to "overhaul systems that are really entrenched," noting there's "a lot of value around solutions that bolt on to existing technology and allow a store to be retrofit for the technologies."
Read
August 10, 2022
Shopic Announces $35M Investment to Bring Its AI-Enabled Smart Cart to Top U.S. Grocery Chains
Additional investment will help Shopic transform in-store shopping with AI-powered, smart shopping cart clip-on system
Read
August 9, 2022
Shopic lands $35M to bring its item-scanning ‘smart cart’ tech to more stores
"We support Shopic's vision of hybrid retail, where the best of online shopping and physical store experiences merge. Shopic's smart cart, which is a compelling and pragmatic smart retail solution, is helping enable this future."
Read
March 2, 2022
Shopic’s Smart-Cart Technology Won the RETA Awards
The Israeli startup that provides AI-based solutions for supermarkets, was named the winner of the prestigious award, provided by EHI Retail Institute for outstanding technology projects
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December 5, 2021
Shopic Joins The Race To Develop Smart Shopping Carts
Using our expertise, grocery stores can digitize their retail front-end without changing their operational overhead. The unique clip-on device easily attaches to existing shopping carts, eliminating the need to replace them.
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October 20, 2021
How to Win the Age of Cashierless Grocery
To meet shoppers' needs for speed and convenience, traditional retailers should consider ways to cater to their expectations for efficient and frictionless experiences. There are several ways retailers can streamline the shopping experience.
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August 15, 2021
Shopic Secures Additional $10 Million to Take its Frictionless Shopping Solution to the World’s Largest Grocery Chains
Additional investment will help Shopic transform in-store shopping with AI-powered, smart shopping cart clip-on system
Read
Grocery smart carts aim to be the saving grace for self-checkout hate
CBInsights's Kennedy echoed that it has historically been difficult for retailers to "overhaul systems that are really entrenched," noting there's "a lot of value around solutions that bolt on to existing technology and allow a store to be retrofit for the technologies."
Read
Shopic Announces $35M Investment to Bring Its AI-Enabled Smart Cart to Top U.S. Grocery Chains
Additional investment will help Shopic transform in-store shopping with AI-powered, smart shopping cart clip-on system
Read
Shopic lands $35M to bring its item-scanning ‘smart cart’ tech to more stores
"We support Shopic's vision of hybrid retail, where the best of online shopping and physical store experiences merge. Shopic's smart cart, which is a compelling and pragmatic smart retail solution, is helping enable this future."
Read
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