Accel Robotics Raises $30 Million in Series A Funding Led by SoftBank Group
SAN DIEGO--(BUSINESS WIRE)--Dec 3, 2019--
Accel Robotics, a San Diego-based startup focused on AI and computer vision for checkout-free stores, today announced a $30 million Series A funding round led by SoftBank Group Corp. (“SoftBank Group”).
Accel Robotics enables grab-and-go, checkout-free shopping experiences across existing and emerging store formats. The company’s camera-based AI and computer vision system allows any shopper to enter a store, grab the items they want, walk out, and receive a receipt via text message or app notification.
Accel Robotics 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.
Deployments already underway in North America and Japan
Accel Robotics is deploying its frictionless commerce platform in stores with category-leading grocery, convenience, quick service restaurants, and drugstore chains in North America and Japan.
The platform enables retailers to quickly deploy stores in new environments, allowing them to extend their reach, acquire new customers, and increase revenue.
The Series A funding will allow Accel Robotics to accelerate its expansion worldwide by growing operations, increasing manufacturing capacity, and streamlining its expanding deployment pipeline. The $30 million of financing builds on $7 million in previous funding, bringing the company’s total capital raised to $37 million.
“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.
Series A funding includes existing investors
In addition to SoftBank Group, Accel Robotics’ funding round includes participation from existing investors, including New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures.
About Accel Robotics:
Accel Robotics, www.accelrobotics.com, enables checkout-free shopping experiences across existing and emerging store formats. Our camera-based AI system allows any shopper to enter a store, pick the items they want, then walk out, receiving a receipt via text or app notification. The end result is a better, more convenient, shopping experience that improves existing stores while enabling new stores where people live, work, travel, and play.
Accel Robotics was founded in 2015 and incubated with RevTech Ventures and EvoNexus accelerators. 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.
About SoftBank Group
SoftBank Group is a global technology player that aspires to drive the Information Revolution. The SoftBank Group is comprised of the holding company SoftBank Group Corp. (TOKYO: 9984) and its global portfolio of companies, which includes advanced telecommunications, Internet services, AI, smart robotics, IoT and clean energy technology providers. In September 2016, Arm Limited, the world’s leading semiconductor IP company, joined the SoftBank Group. SoftBank Group Corp. is invested in the SoftBank Vision Fund, which plans to invest up to $100 billion in the global businesses and technologies that the SoftBank Vision Fund believes will enable the next stage of the Information Revolution. To learn more, please visit https://group.softbank/en/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191203005319/en/
CONTACT: Media Contact for Accel Robotics:
Ketner Group Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE OTHER RETAIL SPECIALTY DATA MANAGEMENT TECHNOLOGY MOBILE/WIRELESS RETAIL OTHER TECHNOLOGY
SOURCE: Accel Robotics
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PUB: 12/03/2019 09:00 AM/DISC: 12/03/2019 09:00 AM