San Francisco-based cashier-less checkout startup, Standards Cognition, has announced that it has acquired an Italy-based AI-powered autonomous retail startup, Checkout Technologies, in an undisclosed amount. The acquisition deal will help Standards Cognition to establish its presence in Europe and notably increase the size of its ML and AI engineering team.
In 2017, Enrico Pandian and Jegor Levkovskiy founded Checkout Technologies as AI-based powered technology to reshape and enhance the relationship between shoppers and physical retailers. While operating, it focused on speeding-up and optimizing in-store operations precisely and cut down the self-checkouts time with a controlled tech-investment impact. Its vision was to entirely build autonomous stores, which lead to the tailored shopping experience and optimization of stock, with a massive reduction in food disposal, hiked profitability, revised services, and value adds for customers.
On this acquisition, Checkout Technologies founder Enrico Pandian said, Standards Cognition has come up as a potential leader in autonomous checkout, and Checkout Technologies is now pleased to be part of Standard's team. We both are working on similar retail issues, and we have also found that we had a lot in common. We are sure that we can make significant encroachment in the global retail market.
Standard Cognition co-founder Jordan Fisher said, there are going to be an alliance in the autonomous checkout sector. Standards' team has always been interested in establishing its international presence because there are limited retailers that we are interested in.
Jordan Fisher further said that Checkout Technologies had partnered with Italy's 'top 150 retailers,' which could help Standard extend the work. Besides, its 13 member team will stay in Checkout's Milan offices, and Standard Cognition will continue to seek for new opportunities in the market.
Checkout Technologies' prominent investor, Pariter Partners' co-founder Jari Ognibeni said that the acquisition of Checkout Technologies would help to spotlight the Italy-based deep tech talent and lively startup community, which are emerging as the best base to address in the European market. We are happy for Enrico Pandian and his team, and we will looking forward to watch Standards Cognition's progress as the market evolves.
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