Smart Retail Tech Startup Cloudpick Raises Series A+ Funding
SHANGHAI, July 20, 2020 /PRNewswire/ — Cloudpick, the technology startup providing smart retail and artificial intelligence solutions, announced recently that it has raised Series A+ round of funding led by Cathay Innovation. Prior to this, Cloudpick had received investment in a Series A fundraising led by Intel Capital last year.
Denis Barrier, co-founder and CEO of Cathay Innovation, concluded: “The retail sector has been strongly impacted by the consequences of the pandemic, but this crisis has acted as a catalyst for the digital transformation of the sector and has increased consumer acceptance of new, easy-to-use and personalized services. We are convinced of the potential and value of this investment theme and that Cloudpick will be at the forefront of this AI-led consumer revolution given the full range of digital innovations which Cloudpick offers.”
Founded in July 2017, Cloudpick leverages proprietary technologies in computer vision, deep learning, and sensor fusion to enable retail store transformation. The company offers comprehensive system services such as cashier-less payment, smart inventory management, and personalized marketing tools.
In practical terms, shoppers enter the store by scanning a QR code. Then throughout their visit, the smart system will gather data on product choices and identify customer behaviors. Once customers finished shopping, they simply walk out, with no need to checkout. This 100% contactless payment system not only allows stores to stay open 24/7 but serves also as an efficient tool to reduce transmission rates in times of pandemic.
By leveraging Cloudpick’s advanced technologies, stores can digitalize all product, spatial and behavioral data to create a digital copy of their operations, accurately modeling a variety of complex scenarios. For example, they can recognize incorrect handling or location, with an accuracy rate of up to 99.9% in just 5 to 10 seconds.
Cloudpick has already equipped nearly 100 digital stores worldwide, including the United States, Canada, Japan, South Korea, Singapore and China. It has built up many high-quality partnerships with companies and organizations such as NTT Data, NEC, Emart24, SUTD in Singapore.
Rosie Zhang, co-founder of Cloudpick Technology, said: “This round of financing marks a new starting point. Whereas traditional operating methods are still focusing on price competition, new digital platforms focus on customers’ needs and improving user experience. Cloudpick increases the interaction between retailers and their customers through a complete AI transformation.”