Mashgin Raises $62.5 Million at $1.5 Billion Valuation

Mashgin is a startup that develops self-checkout systems based on AI. These systems can be deployed in a matter of minutes and at the fraction of the cost of Amazon Go. Mashgin’s computer vision self-checkout can scan multiple packaged products. Mashgin’s smart kiosks assist retailers in confronting a national labor shortage.

The funding round Series B was led by NEA. Matrix Partners, existing investors also took part in the round. Money raised will be used for the employee team increase, international scale, as well as expansion acceleration. This round brought Mashgin to the unicorn status.

Mashgin, San Francisco, the USA, was founded by Abhinai Srivastava and Mukul Dhankhar in 2014. Mashgin is an acronym for “​​mash-up of general intelligence”, offers smart kiosks with self-checkouts across over 1000 locations with no barcode or scanning required. A special countertop system has multiple cameras that build a three-dimensional understanding of objects. Mashgin’s vision can identify not only packaged products but also food on a plate. It allows customers in retail stores, cafeterias, and stadium concessions to pay and go 10 minutes faster than in the traditional way. “We understand that 75% of retail is still offline. When retailers use our technology, in many cases the sales go up by a huge margin just because there are no lines anymore,” Abhinai Srivastava, CEO of Mashgin.

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