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Shopic Announces $35M Investment to Bring Its AI-Enabled Smart Cart to Top U.S. Grocery Chains

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Tel Aviv, Israel–(Newsfile Corp. – August 9, 2022) –

Shopic’s smart cart clip-on

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The Series B investment will be used to expand the company’s penetration to global markets. Shopic’s solutions are already deployed by several grocers in Europe, the Americas and Israel. They include some of the world’s largest supermarket chains.

As opposed to monolithic smart carts, such as Amazon Dash, Shopic’s clip-on device can be used with any shopping cart, offering a highly cost-effective implementation path for grocers. Additionally, shoppers can remove the device when their transactions are complete and use the cart to take their groceries out to the parking lot, completing a truly frictionless shelf-to-car shopping journey.

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Inside the cart, Shopic uses a camera duo that enables its AI-computer vision model to support large catalogs of over 50,000 items, cover edge cases and achieve low latency with limited processing power. The algorithm can even identify products thrown into the cart even when it’s in motion or when people put multiple products in their carts simultaneously.

Merav Weinryb, VP of Qualcomm Israel Ltd. and Managing Director of Qualcomm Ventures Israel and Europe, said: “We support Shopic’s vision of hybrid retail, where the best of online shopping and physical store experiences merge. Shopic’s smart cart, which is a compelling and pragmatic smart retail solution is helping enable this future. We were very impressed with the performance of Shopic’s cart in live supermarkets, demonstrating the potential of AI to transform everyday experiences for everyone.”

About Shopic

Shopic provides smart cart and store digitalization solutions to the world’s leading grocers, bringing the advantages of online commerce to their physical stores. The company’s computer vision-based clip-on device turns any regular shopping cart into a smart cart. It delivers a smooth shopping experience, instant on-cart checkout, just-in-time personalized promotions, and analytical insights from the retail floor. Founded in 2015, Shopic is headquartered in Tel Aviv, Israel. For more information, visit Shopic.co.

About Qualcomm Ventures

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Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has been making strategic investments in technology companies that have the potential to dramatically transform our world since 2000. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. For more information please visit qualcommventures.com.

Media contact:
Avi Krupman
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133236

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

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Blockchain

Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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