Australian retail Al startup Tiliter has announced that it has secured US$7.5 million in investment without disclosing the funding round in a statement released by the firm.
The round of financing was led by Investec Emerging Companies (IEC) via its IEC Australia Fund I according to the statement. Other participating investors include angel tech investors syndicate Eleanor Venture and Cornell University, the statement added.
The fresh capital infusion will help the startup towards fast-tracking the company’s intercontinental expansion projects across Europe and the U.S.
Founded in 2017 by COO Martin Karafilis, CEO Marcel Herz, and CTO Chris Sampson, Tiliter provides Al algorithms that enable computer vision to recognize products without barcodes. The AI of the startup can recognize fresh produce, without barcodes, or price stickers.
“As an industry, we’re just at the beginning of how AI combined with computer vision will shape the future for brick-and-mortar and online shopping,” Marcel Herz said.
“It was important that we partner with investors that understand the new dynamics in retail innovation and the massive opportunity arising from this change,” he added.
“There has been an increased focus for Tiliter to create a plug-and-play solution for retailers and remove the operational friction of adopting cashier-less technology, particularly during the COVID pandemic,” Karafilis said in the statement.
“The end-to-end capability of Tiliter’s dedicated hardware and software is an example of how Tiliter’s recognition technology can be easily installed and used anywhere in the world at a lower cost than currently offered autonomous store solutions,” he added.