Standard Cognition Acquires Checkout Technologies, Accelerating Autonomous Checkout Roadmap

Standard Cognition, which provides the only autonomous checkout solution that can be quickly and easily installed in retailers’ existing stores, announced today that it has acquired Milan, Italy-based Checkout Technologies, which has developed Artificial Intelligence (AI) technology for retail frictionless checkout. The acquisition significantly increases the size of Standard’s engineering team and seeds its European presence.

“With this acquisition, Standard gains solid technology and more than a dozen top-shelf AI and machine learning engineers, and gets us an immediate ground presence in Europe,” said Jordan Fisher, co-founder and CEO of Standard. “More engineering power means we can accelerate our roadmap and bring new innovations to our clients faster.”

Recommended AI News: HashCash to Help Banking Sector With Blockchain-Based Digital Identity to Streamline Remote Operations

Enrico Pandian, founder and CEO of Checkout Technologies (and also the founder of Italy’s Supermercato24), said, “Standard has emerged as the clear leader in autonomous checkout, and we are thrilled to now be part of this team. Checkout and Standard were both working on the same retail issues and we found that we had a lot in common. Together, we can make significant inroads in the global retail market.”

Jari Ognibeni, founder and partner at Pariter Partners, Checkout Technologies’ largest investor, said, “This acquisition helps spotlight the vibrant startup community and deep tech talent in Italy, which is fast becoming the best base to address the European market. We are thrilled for Enrico and team, and very much look forward to watching Standard’s progress as this market evolves.”

Recommended AI News: Financial Strength Should Be a Key Consideration When Choosing the Right Cybersecurity Vendor in the COVID-19 Era

“Milan is an emerging center for machine learning and AI research and development,” said Fisher. “We’re excited to expand our presence in Europe with this acquisition, and to invest in Milan’s growing technology sector.”

Standard Cognition was one of the first startups in the autonomous checkout space, and first to open a cashierless store in San Francisco. Recognized by Fast Company magazine as “One of The World’s 50 Most Innovative Companies,” Standard is currently working with retailers across the US and the world. The company has raised $86M in funding from high-profile investors including CRV, Initialized Capital, EQT Ventures and Y Combinator.

Recommended AI News: IBM and Red Hat Launch New Edge Computing Solutions for the 5G Era