Trigo Raises $60M to Scale Its Frictionless Checkout Grocery Platform
Trigo, a global leader in frictionless checkout technology, has raised a $60 million Series B funding round led by 83North. The latest round brings Trigo’s total funding to $94 million. The new funds will be used to scale the company’s ability to meet growing demand, boost R&D, and expand its global presence. Existing investors joined the new round, including Vertex Ventures Israel, Hetz Ventures, Red Dot Capital Partners, Tesco, and Morrag Investments.
Trigo uses AI-powered computer vision technologies together with off-the-shelf hardware to retrofit existing stores. The company applies its proprietary algorithms to ceiling-mounted cameras which automatically learn and upload data on shoppers' movements and product choices, enabling customers to simply walk into a store, pick up their desired items, and walk out without stopping at the checkout. Payments and receipts are settled digitally.
The company has seen rapid growth and increasing demand for its technology throughout 2020 and is working with leading retailers on the European mainland to open stores during 2021. Smart checkout technology will process nearly $400 billion of transactions within the next five years, according to Juniper Research. The same report also predicted that retailers will invest $23 billion into artificial intelligence by 2025, up from $5 billion in 2020.
“Our technology enables grocers to integrate the efficiencies and insights of digital commerce into the physical world while providing a frictionless checkout experience for customers. Ultimately, our solution reduces physical contact and does away with waiting in line, enabling a safe, secure, and streamlined shopping experience that’s a win-win for retailers and consumers,” said Michael Gabay, Trigo’s co-founder and CEO.
Trigo’s technology has been tapped by Tesco PLC, one of the world’s largest grocers with stores across the UK, Ireland and Central Europe. Tesco has been working on a trial with Trigo at a Tesco Express convenience store at its headquarters about 20 miles (32 km) north of London. Guus Dekkers, Tesco Chief Technology Officer said, “We’re delighted to be working with Trigo as they continue to grow their business. Together, we have made great progress testing the frictionless checkout solution in our trial store in Welwyn Garden City and we are excited by this technology and the opportunities it brings.”
Trigo’s solution is built with a privacy-by-design architecture: no biometric or facial recognition data are gathered or analyzed. Based on anonymized movement and product choice data within stores and across a chain’s stores, Trigo offers grocery retailers a range of additional solutions powered by its 3D engine model called RetailOS, including predictive inventory management, pricing optimization, security and fraud prevention, planogram compliance, and event-driven marketing. This layer quickly enables actionable insight that boosts the chain’s efficiency.
Yoram Snir, a Partner at 83North, a global venture capital firm with interest and experience in retail tech including Hybris, Mirakl and Exotec, said, “Trigo’s solution gives grocers a competitive edge with an option that is affordable and scalable, without having to make significant changes to their stores’ infrastructure. While Amazon might be first out the gate to use its scale to capitalize on new consumer demands, it is no surprise to me that Europe’s biggest grocery retailers have tapped Trigo’s exceptional team to position them as leaders in frictionless checkout.”
Dropbox link here for Trigo Press Room with photos of the founders, Trigo HQ, logo.
Oriane (Schwartzman) Morley: firstname.lastname@example.org and +972 54-261-4671
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
myPOS Releases a High-class Android Payment Terminal at an Unbeatable Price on the European Market28.1.2021 13:47:00 EET | Press release
As the demand for more advanced payment devices grows, European fintech provider myPOS (www.mypos.com) introduces yet another payment innovation - the new myPOS Carbon, which combines the intelligent Android OS with shock, dust and water resistance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210128005525/en/ The new myPOS Carbon combines the intelligence of Android 9.0 with dust, water and shock resistance at an unbeatable price. (Photo: Business Wire) Traditional POS terminals with keys are gradually being replaced by Android-run card payment devices. While the latter provide a better payment experience for businesses and customers, at the same time they have a higher cost and are too vulnerable to dust, liquids and shocks. At a restaurant, cafe, car rental company or even a petrol station, minor accidents with a POS are likely to occur and the cost of replacing a POS terminal with a printer is not negligible. Christo G
TREKSTOR Donates 100.000 FFP2 Respirators to Tafel Deutschland e.V.28.1.2021 13:43:00 EET | Press release
Today the TREKSTOR GmbH, the manufacturer behind the blnk branded healthcare products, completed delivery of 100.000 FFP2 class respirators to the Tafel Deutschland. This is a reaction to the increased demand for certified PPE products created by both decisions of the federal government as well as the FFP2 mandate active in the state of Bavaria. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210128005522/en/ A volunteer at Tafel Bayern takes possession of and inspects the donated FFP2 respirators. (Photo: Business Wire) „As a German company, which mainly exists today due to the sales of entry-level PCs and tablets to price-sensitive customers in the past, we are aware of our responsibility to our fellow citizens“, Shimon Szmigiel, CEO of TREKSTOR, explains. „Many of them are lagging the financial prowess to purchase high quality protective equipment, a state that is worsened by lay-offs and short-time work arrangements.” The
TATA Technologies Actuates New Entity, TATA Technologies NORDICS AB in Sweden28.1.2021 13:33:00 EET | Press release
Tata Technologies, a leading global engineering and product development digital services company, has commenced operations in its wholly owned subsidiary in Gothenburg, Sweden. This move marks the completion of its acquisition deal with Escenda AB in 2017. Sweden and the overall Nordics region holds strategic importance for the new entity, considering the presence of global OEMs and Tier 1 automotive majors, large export volumes, and augmented focus on vehicle electrification. Tata Technologies’ mission is to help the clients Engineer the better products and there are two key components to the company’s value proposition; the first one being outsourced product engineering services for our clients helping them conceptualize and design better products, and the second one is helping them manufacture and realize better products. Through the new delivery centre, Tata Technologies will offer its expansive portfolio of solutions covering entire product engineering value chain to customers acr
Seoul Viosys Begins Mass Production of 25Gbps VCSELs for 5G Communication Applications28.1.2021 11:40:00 EET | Press release
Seoul Viosys (KOSDAQ: 092190), a leading compound semiconductor provider, announced that for the first time in Korea, Seoul Viosys succeeded in developing vertical cavity surface emitting laser (VCSEL) technology, a near-field-only 25Gbps laser diode compatible with 5G wired networks for transmitting and receiving, and has started mass production to supply these products to three initial customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210128005444/en/ [Figure 1] Schematic diagram of 5G network application using Seoul Viosys’ VCSELs (Graphic: Business Wire) VCSEL is a laser diode technology that converts electrical signals into optical signals. It has recently attracted attention as a light-based communication technology that achieves ultra-high-speed data communication in 5G environments. This technology is necessary for AR/VR, 3D sensing and the camera-applied ToF (Time of Flight) for smartphones, and automotive L
REPLY: Spike Reply and Storm Reply Achieve AWS Security Competency Status28.1.2021 11:30:00 EET | Press release
Reply announced today that its companies Storm Reply and Spike Reply achieved Amazon Web Services (AWS) Security Competency status. This designation recognizes that the two companies of the Reply Group have demonstrated deep expertise that helps customers achieve their cloud security goals. Achieving the AWS Security Competency differentiates Storm Reply and Spike Reply as AWS Partner Network (APN) members that provide specialized consultancy services and integrated solutions designed to help enterprises adopt, develop and deploy complex security projects on AWS. To receive the designation, APN Partners must possess deep AWS expertise and deliver solutions seamlessly on AWS. Filippo Rizzante, CTO Reply, commented: “We are proud to be among the first APN partners to achieve AWS Security Competency status. This AWS competency status confirms the ability of our teams in helping companies achieve their security goals by combining our expertise with the range of powerful security tools that
Neustar highlights rise in ransom-related DDoS attacks and greater use of existing attack vectors28.1.2021 11:30:00 EET | Press release
Neustar, Inc., a global information services and technology company and leader in identity resolution, has today published its report entitled ‘Cyber Threats and Trends: Pandemic Style’, detailing the security risks faced by companies as the COVID-19 pandemic accelerated the digital revolution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210128005015/en/ Figure 1: Percentage change in number of attacks by size category, 2020 vs. 2019 (Graphic: Business Wire) Informed by data from Neustar’s Security Operations Center (SOC), the report reveals a 154 percent increase in the number of attacks between 2019 and 2020, with growth in ransom-related DDoS (RDDoS) attacks and a rise in use of existing attack vectors, including web applications. The report also provides key details around the amount, size, duration and intensity of DDoS attacks throughout 2020 to keep cyber security professionals informed. DDoS ransom attacks on the
STC calls on ADVA’s NFV suite for uCPE services28.1.2021 11:00:00 EET | Press release
ADVA (FSE: ADV) today announced that the Saudi Telecom Company (STC) is rolling out on-demand virtual services using ADVA’s Ensemble suite of network functions virtualization (NFV) technologies. The new universal CPE (uCPE) offering is built on the Dell EMC Networking Virtual Edge Platform (VEP) 1405 series running ADVA’s Ensemble Edge Cloud NFV suite. Enterprise customers of STC, the largest IT service provider in the Middle East, will be able to quickly and easily access virtual services, including routing, firewall, WAN optimization, IoT and voice applications. With the industry’s largest ecosystem of virtual network functions (VNFs) to choose from, managed service customers can automatically enable new applications and services without any financial risk. “Today’s enterprises need to be agile. They require the freedom to mix and match the latest cloud technologies to seize new revenue opportunities in an instant. That’s what our new uCPE service is all about. It eliminates vendor l
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom