$100M for Cashless Checkout
Trigo is a cashless checkout company that’s taking on Amazon and other startups in the race to let shoppers skip the most dreaded part of shopping — the checkout line.
It recently raised $100 million in equity financing from Temasek Holdings and 83North, who will join Red Dot Capital Partners, REWE Group, and Vertex Ventures as Trigo’s main investors.
This round of funding brings Trigo’s capital raised to date to $199 million.
What is “Just Walk Out” Tech?
“Just walk out” technology allows people to shop around a store, pick up items that they like, and, well, just walk out. Unfortunately, this does not mean you don’t have to pay.
Instead, the tech works by automatically identifying which items shoppers are picking up and leaving with, then charging their card on file after the fact. Amazon is a pioneer in this space and currently has 28 stores using walk out technology, but Trigo is close behind.
Trigo uses computer vision and AI to monitor shoppers’ interactions throughout the store. For those concerned about privacy, the company states that they do not use facial recognition or biometric data. Trigo also asserts that its technology can be used to help retailers track their inventory levels and manage supply chains more efficiently.
Trigo’s tech appears to be ready to go. And, with this fresh $100M in funding, it will focus on deploying in grocery stores across the U.S. and Europe.
Coming To Your Local Grocer?
If implemented correctly, this technology could be a rare triple win — for customers, retailers, and, of course, Trigo.
Consumers win by Trigo eliminating the checkout process, making their shopping experience more efficient. Retailers win because walk-out tech will likely improve their margins, while reducing theft. Finally, Trigo will win by selling its tech for a tidy profit.
Trigo claims that its tech can be installed overnight. Whether they can deliver on this promise remains to be seen. It’s possible the next time you walk into your favorite store, you’ll be able to just walk out.
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