December 3, 2019
Accel Robotics, a robotics and AI startup that develops a camera-based AI and computer vision system to enable shoppers to have checkout-free shopping experiences, has raised $30 million Series A funding to accelerate its expansion worldwide by growing operations, increasing manufacturing capacity, and streamlining its expanding deployment pipeline. The round was led by Japanese giant SoftBank Group, with participation from existing investors, including New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures.
The $30 million of financing builds on $7 million in previous funding, bringing the company’s total capital raised to $37 million. Accel’s previous investors include Miyabi Ventures, New Ground Ventures, Saison Ventures, Recruit, GMO, and a diverse group of angel investors. Accel Robotics was named a San Diego Venture Group (SDVG) Cool Company for 2017, 2018, and 2019.
Accel Robotics enables grab-and-go, checkout-free shopping experiences across existing and emerging store formats. Using its camera-based AI and computer vision system, any shopper can enter a store, grab the items they want, walk out, and receive a receipt via text message or app notification. Its platform enables retailers to quickly deploy stores in new environments, allowing them to extend their reach, acquire new customers, and increase revenue.
Founded in 2015 by Brandon Maseda, Marius Buibas, and Martin Cseh, and incubated with RevTech Ventures and EvoNexus accelerators, the San Diego-based startup is focused on AI and computer vision for checkout-free stores. The startup consists of a team of PhDs in Neuroscience and Computer Vision built a breakthrough 360º perception engine that enables machines to see and understand the real world.
Accel Robotics also delivers its frictionless commerce platform to retailers and brands so they can run stores more efficiently with increased throughput. Accel Robotics increases shopper satisfaction by eliminating checkout lines while offering key data streams, such as live inventory and shopper analytics, to retailers to improve the in-store experience.
“We are excited to partner with the team at SoftBank Group to help scale our frictionless commerce platform with retailers and brands around the world,” said Brandon Maseda, CEO, Accel Robotics.