Total amount raised
$73.7 Millions
Latest funding date
05/01/2022
Location
Mashgin has successfully raised significant funding through multiple rounds, with its latest being a Series B round closed on May 9, 2022. The company is backed by 17 investors, including Matrix and New Enterprise Associates.
Keep reading to explore the intricacies of Mashgin's fundraising journey and the investors supporting this innovative AI-powered checkout platform.
What Is Mashgin?
Mashgin, founded in 2014 by Abhinai Srivastava and Mukul Dhankhar, is a software company specializing in AI and computer vision checkout systems. Headquartered in Palo Alto, California, the company employs between 51-100 people.
Known for its touchless checkout technology, Mashgin's solutions are deployed in various industries, including convenience stores, stadiums, and healthcare. The company’s technology is used by tens of thousands of people daily, offering a seamless and quick checkout process that significantly improves customer experience and business efficiency.
How Much Funding Has Mashgin Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: January 2015
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype and validate the concept of AI-powered checkout systems.
- Convertible Note
- Amount Raised: $75K
- Date: September 2014
- Lead Investors: Highway1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure early-stage funding for further development and initial market testing.
- Seed Round
- Amount Raised: $2.8M
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the technology for broader market deployment.
- Series A
- Amount Raised: $8.2M
- Date: November 2017
- Lead Investors: Matrix
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets, particularly in retail and healthcare sectors.
- Series B
- Amount Raised: $62.5M
- Date: May 2022
- Lead Investors: New Enterprise Associates
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To grow the team, accelerate expansion, and scale internationally, meeting the increasing demand for touchless checkout solutions.
Total Amount Raised: $73.7M
Current Valuation: $1.5 billion
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm founded in 1977, with nearly $24 billion in cumulative committed capital. It invests in technology and healthcare companies at all stages, from seed stage through IPO.
- Investment Focus Areas: Technology, Healthcare, Biotech, Enterprise Software, Consumer Services
- Notable Investments: Robinhood, Coursera, Uber
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that invests in early-stage companies across various sectors. It has a history of backing successful technology startups.
- Investment Focus Areas: Technology, Consumer Services, Enterprise Software, Fintech, Healthcare
- Notable Investments: HubSpot, Zendesk, Oculus VR
- Y Combinator
- Details: Y Combinator is a startup accelerator known for its intensive three-month programs. It has funded over 2,000 startups since its inception in 2005.
- Investment Focus Areas: Technology, Internet, Software
- Notable Investments: Airbnb, Dropbox, Stripe
- Highway1
- Details: Highway1 is a hardware startup accelerator that provides seed funding and mentorship. It focuses on helping startups bring their hardware products to market.
- Investment Focus Areas: Hardware, IoT, Consumer Electronics
- Notable Investments: Ringly, Navdy, Podo
- Susa Ventures
- Details: Susa Ventures is a venture capital firm that invests in early-stage companies. It focuses on data-centric startups and has a diverse portfolio.
- Investment Focus Areas: Data, Technology, Consumer
- Notable Investments: Not specified
What's Next for Mashgin?
Mashgin stands at the cusp of significant growth opportunities, driven by the increasing demand for touchless and frictionless checkout solutions. With its technology already deployed in over 800 locations, the company is poised to expand into new markets, including convenience stores, airports, and sports stadiums. The global scaling of operations and potential partnerships with large corporations present a vast landscape for growth.
Future fundraising opportunities appear promising as Mashgin continues to attract interest from venture capital firms and investors in the tech and retail sectors. The company's unicorn status and profitability make it a strong candidate for additional funding rounds, which could further accelerate its expansion and technological advancements.
However, Mashgin may face challenges such as competition from other self-checkout technology providers like Amazon and Zippin, and the need to continuously innovate to stay ahead. Additionally, scaling operations globally and adapting to different regulatory environments will require strategic planning and execution. Despite these challenges, the future looks bright for Mashgin as it continues to lead the way in touchless checkout technology.
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