Shopic, the smart grocery shopping cart startup, has announced a $35 million Series B
investment round led by Qualcomm Ventures, bringing its total funding raised to $56 million.
Other participating investors include Vintage Investment Partners and Clal Insurance, together
with Shopic’s existing investors Tal Ventures, IBI Tech Fund, Claridge Israel, and Shufersal.
Shopic offers an AI-powered clip-on device that transforms shopping carts into smart carts.
Utilizing computer vision algorithms, Shopic identifies items placed in the cart in real-time, while
displaying to shoppers product promotions and discounts on related products. The Shopic
system acts as a self-service checkout interface as well, saving customers the time and hassle
of standing in line to pay.
Data collected by the company during live deployments of its system found that Shopic’s
solution increased shoppers’ monthly spending by 8%.
Shopic not only delivers a new retail experience for in-store shoppers but also provides real-
time inventory management and customer behavioral insights for grocers through its analytics
dashboard. These reports also include aisle heatmaps, promotion monitoring and new product
adoption metrics.
The Series B investment will be used to expand the company’s penetration to global markets.
Shopic’s solutions are already deployed by several grocers in Europe, the Americas and Israel.
They include some of the world’s largest supermarket chains.
As opposed to monolithic smart carts, such as Amazon Dash, Shopic’s clip-on device can be
used with any shopping cart, offering a highly cost-effective implementation path for grocers.
Additionally, shoppers can remove the device when their transactions are complete and use the
cart to take their groceries out to the parking lot, completing a truly frictionless shelf-to-car
shopping journey.
Inside the cart, Shopic uses a camera duo that enables its AI-computer vision model to support
large catalogs of over 50,000 items, cover edge cases and achieve low latency with limited
processing power. The algorithm can even identify products thrown into the cart even when it’s
in motion or when people put multiple products in their carts simultaneously.
Merav Weinryb, VP of Qualcomm Israel Ltd. and Managing Director of Qualcomm Ventures
Israel and Europe, said:
Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has been
making strategic investments in technology companies that have the potential to dramatically
transform our world since 2000. As a global investor, we look to help entrepreneurs build
revolutionary businesses that reshape the world around us. For more information please visit
qualcommventures.com.
