February 11, 2022 – Scandit, a provider of smart data capture solutions that leverage augmented reality (AR) object recognition technology, has announced that it has completed a Series D funding round of USD $150 million, bringing the company’s total valuation to over USD $1 billion.
The oversubscribed funding round was led by Warburg Pincus, a global growth investor, with strong participation from Scandit’s existing shareholder base, including Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV and Swisscom Ventures.
Scandit’s solutions combine mobile barcode scanning and text recognition with AR to turn smart devices into powerful data capture and visual display tools. The company’s platform uses AR overlays to add digital information to an image of a physical object on a mobile device screen. This means retail employees can see stock levels by scanning products in a retail aisle, airline staff can view passenger details from a boarding pass scan, nurses scan to cross-check patients with medication, and delivery drivers see special instructions just by scanning a package.
Scandit stated that it plans to use the additional funding to further expand its global footprint and team with a particular focus on APAC, including Japan, Singapore and South Korea. Since the Series C funding, Scandit’s globally distributed team has increased by 85% with plans to grow by another 50% by the end of 2022. The investment will also be used to continue to drive expansion and innovation in core verticals.
Additionally, the funding will help to accelerate Scandit’s R&D to advance enterprises’ core business processes with an increased emphasis on artificial intelligence (AI) and machine learning (ML) capabilities and autonomous data capture methods. Scandit anticipates that its Smart Data Capture platform will help to further augment the intelligence and decision-making of users leading to faster, more accurate and automated outcomes whether on a smartphone, wearables or via robots.
To date, Scandit has raised almost USD $300 million to fuel its global expansion, enabling smart devices to capture data on the edge from barcodes, text, IDs and objects through computer vision in order to automate processes and provide insights that help to enhance customer engagement and increase worker productivity. According to Scandit, since its Series C funding round in May 2020, the company has more than doubled its annual recurring revenue and now has over 1,700 global customers including Carrefour, FedEx, Levi Strauss & Co., Yamato Transport and Sephora.
The company added that it has strengthened its position in its core verticals – retail, transportation and logistics, healthcare and manufacturing – and today is trusted by three of the top five global courier companies and eight of the top ten US grocers. During the pandemic, Scandit has also been providing data capture services to national health organizations such as the NHS in the UK to support Covid-19 programs and initiatives.
For more information on Scandit and its smart data capture solutions, please visit the company’s website.
Image credit: Scandit
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past five years.