Total amount raised
$239.4 Millions
Latest funding date
04/01/2024
Location
Standard Cognition has successfully raised $40 million in Series A funding, with notable participation from SoftBank Vision Fund 2. The company offers an autonomous checkout tool designed to streamline the retail experience.
Keep reading to explore the intricacies of Standard Cognition's fundraising journey and the investors backing this innovative platform.
What Is Standard Cognition?
Standard Cognition, founded in 2017, is a San Francisco-based company specializing in retail technology and artificial intelligence. The company provides an autonomous checkout tool that allows customers to shop without the need for traditional cashier interactions, enhancing the retail experience.
Founded by Brandon Ogle, Daniel Fischetti, David Valdman, John Novak, Jordan Fisher, Michael Suswal, and TJ Lutz, Standard Cognition employs between 51 and 100 people. Their technology helps retailers reduce labor costs, improve customer satisfaction, and compete with larger chains and online platforms.
How Much Funding Has Standard Cognition Raised?
- Seed Round
- Amount Raised: $120K
- Date: August 2017
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype of their autonomous checkout technology.
- Seed Round
- Amount Raised: $5.5M
- Date: October 2017
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their technology for market readiness.
- Seed Round
- Amount Raised: $5.5M
- Date: July 2018
- Lead Investors: CRV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and accelerate product development.
- Series A
- Amount Raised: $40M
- Date: November 2018
- Lead Investors: Initialized Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and begin commercial deployments.
- Series B
- Amount Raised: $35M
- Date: August 2019
- Lead Investors: EQT Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and enhance technology capabilities.
- Venture Round
- Amount Raised: $2.4M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and technology improvements.
- Series C
- Amount Raised: $150M
- Date: February 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1 billion
- Motivation Behind the Round: To scale operations and install technology in over 50,000 retail locations.
- Series C
- Amount Raised: $900K
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and improving their technology.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: April 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
Total Amount Raised: $239.42M
Current Valuation: $1 billion
Key Investors
- SoftBank Vision Fund 2
- Details: SoftBank Vision Fund 2 is a venture capital fund managed by SoftBank Investment Advisers, known for investing in technology-driven companies. It has played a significant role in funding innovative startups globally.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, DoorDash.
- CRV (Charles River Ventures)
- Details: CRV is a venture capital firm that invests in early-stage technology companies. It has a long history of backing successful startups in various sectors.
- Investment Focus Areas: Enterprise software, consumer tech, biotech.
- Notable Investments: Twitter, Zendesk, DoorDash.
- EQT Ventures
- Details: EQT Ventures is a European venture capital firm that invests in technology-driven companies. It focuses on supporting companies with high growth potential.
- Investment Focus Areas: Software, fintech, health tech.
- Notable Investments: Wolt, Small Giant Games, Handshake.
- TI Platform Management
- Details: TI Platform Management is an investment firm that focuses on technology and innovation. It aims to support disruptive technologies and transformative business models.
- Investment Focus Areas: AI, fintech, enterprise software.
- Notable Investments: Not specified.
- SK Networks
- Details: SK Networks is a South Korean conglomerate involved in various industries, including trading, ICT, and automotive. It aims to expand its technological capabilities and global reach.
- Investment Focus Areas: Technology, energy, trading.
- Notable Investments: Not specified.
What's Next for Standard Cognition?
Standard Cognition stands at the cusp of a transformative journey, with plans to outfit over 50,000 retail locations with their autonomous checkout technology in the next five years. This ambitious goal is driven by the growing demand for frictionless shopping experiences, accelerated by the COVID-19 pandemic. The company’s partnerships with major retailers like Circle K and Compass Group highlight the vast opportunities available, promising a significant market presence.
Future fundraising appears promising, given the successful $150 million Series C round led by SoftBank Vision Fund 2. The involvement of high-profile investors like CRV, EQT Ventures, and SK Networks suggests a strong potential for additional rounds to support their expansive goals. However, the path ahead is not without challenges. Standard Cognition must navigate a competitive landscape with rivals like Amazon and Zippin, and ensure seamless integration of their technology across diverse retail environments.
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