Shopic, an Israeli startup that offers an AI based retail shopping solution, raised $35 million in a Series B round of investment led by Qualcomm Ventures, with the participation of Vintage Investment Partners and Clal Insurance. With this raise, Shopic has now brought in $56 million in investments to date.
This raise comes a little over a year after Shopic brought in $10 million.
We have all gotten so used to online shopping that sometimes we forget what it is like to actually go into a real store, take products off the shelves and then go with our shopping carts to the checkout line. This has become especially so during the extended Covid-19 shutdowns. When shopping online you just need to click on something and it gets added to your virtual shopping cart. Then, when you wish to review your selections, or proceed to checkout and pay, you simply click on that little shopping cart icon at the top of the page.
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Now think about shopping in the supermarket. You have just spent an hour or so looking for what you need and filling up your cart. Then you make your way to the cashier to pay for everything. But in busy times you find yourself waiting on long lines. And, like Murphy’s Law, once you are second in line the guy in front of you always seems to have some sort of problem which takes forever to fix. Or you got on the shortest line only to see that the people at the end of the long lines are already done and that you are still waiting.
Founded by Raz Golan and Eran Kravitz, Shopic boasts that it provides a complete digitalization for the front-end. It helps major retailers worldwide create a “seamless in-store shopping experience while optimizing their operations with real-time tracking of shopper carts and store shelves.”
Shopic says that its solutions are pragmatic, immediately deployable, operational with minimal store adjustments, and deliver swift ROI. Crucially, they’re among the only frictionless solutions that work for medium and large-sized stores.