May 26, 2020 – Scandit, a technology platform for mobile computer vision and augmented reality (AR) solutions for enterprise, has today announced that it has raised USD $80 million in Series C funding led by G2VP, a Silicon Valley venture capital firm. G2VP was joined by Atomico, GV, Kreos, NGP Capital, Salesforce Ventures and Swisscom Ventures. Prior to today’s announcement, Scandit has previously raised USD $43 million.
Since the company’s last funding round in July 2018, Scandit states that it has tripled recurring revenues, more than doubled the number of its blue-chip enterprise customers, and doubled the size of its global team. The new funding will help the company to further accelerate growth in new markets such as APAC and Latin America, as well as expand Scandit’s footprint and operations in North America and Europe. It will also support continued R&D to develop new ways enterprises can transform core business processes using computer vision and AR.
Scandit provides a computer vision and machine learning platform that combines barcode scanning, text recognition, object recognition and AR for any camera-equipped smart device – from familiar smartphones to drones, wearables and robots. The company states its software is fast, accurate, and has the ability to scan in bad light, at any angle and with damaged labels.
The technology allows for the blending of the physical world with relevant digital information. Organizations in retail, transport & logistics and manufacturing use Scandit’s computer vision technology to create and power mobile apps or websites for mobile shopping, self checkout, inventory management, proof of delivery, asset tracking and maintenance. In healthcare, Scandit supports digital health, with healthcare workers using smartphones to scan patient IDs, samples, medication and supplies.
“Scandit’s platform puts an enterprise-grade scanning solution in the pocket of every employee and customer without requiring legacy hardware,” said Ben Kortlang, General Partner at G2VP. “This bridge between the physical and digital worlds will be increasingly critical as the world accelerates its shift to online purchasing and delivery, distributed supply chains and cashierless retail.”
The need for social distancing post COVID-19 has accelerated demand for mobile computer vision on personal smart devices, as companies seek to create a safer contactless environment for their employees and customers. Retailers and transport & logistics companies are also discovering that they can scale up faster to meet the soaring demand for Click and Collect and the millions of extra home deliveries, by providing workers with scanning apps on BYOD (bring your own device) or COPE (corporate owned, personally enabled) smart devices. Scandit is helping its customers ramp up these services.
“COVID-19 has shone a spotlight on the need for rapid digital transformation in these uncertain times, and the need to blend the physical and digital plays a crucial role,” said Samuel Mueller, CEO of Scandit. “The smartphone is a personal tool that can be deployed with powerful computer vision software to seamlessly interact with everyday objects and display real-time insights with AR-overlays. Our new funding makes it possible for us to help even more enterprises to quickly adapt to the new demand for ‘contactless business’, and be better positioned to succeed, whatever the new normal is.”
Scandit’s global customers include 7-Eleven, Alaska Airlines, Carrefour, DPD, FedEx, Instacart, Johns Hopkins Hospital, La Poste, Levi Strauss & Co, Mount Sinai Hospital and Toyota, and perform tens of billions of scans every year on 100+ million active devices, according to the company.
Video credit: Scandit / Vimeo