Standard offers the first checkout-free solution that works in any existing store
Bengaluru, NFAPost: Standard Cognition (“Standard”), which provides the only autonomous checkout solution for quick and easy installation in retailers’ existing stores, announced today about its inclusion in CB Insights’ inaugural Retail Tech 100 ranking, which showcases the 100 most promising B2B retail tech companies in the world.
The 2020 Retail Tech 100 cohort highlights startups reimagining the retail experience across 13 categories, from e-commerce infrastructure to supply chain automation and cashier-less checkout. 21 countries represented this year include India, China, Canada, Singapore, and the United Kingdom, among others.
“The rate of change in retail is accelerating, and the Retail Tech 100 showcases the tech companies that are changing every facet of retail – from store automation to supply chain robotics to personalized merchandise discovery. Spanning 13 distinct technology markets, they address key challenges retailers face today while also helping them adapt and be ready for changing consumer habits,” said CB Insights CEO Anand Sanwal.
“The honorees also underscore the fact that the best technologies driving retail transformation may come from anywhere as they hail from 21 countries ranging from Canada to Singapore to Brazil to Sweden. As we head into 2021, we are excited to see the impact the Retail Tech 100 will have on customers, retailers and markets.”
Among Standard’s customers are Circle K, Compass Group and the Worcester Red Sox. “We are thrilled to have achieved this recognition from CB Insights, a bellwether for tech and business trends,” said Jordan Fisher, Cofounder and CEO of Standard.
“Demand for safe, checkout-free retail experiences is rising rapidly – nearly every conversation we have with retailers begins with, ‘We want to provide an amazing and safe experience.’ Standard has already deployed its first checkout-free stores for retailers and now we’re scaling up our implementation model to be able to roll out thousands more stores in the next few years.”
Through an evidence-based approach, the CB Insights research team selected the Retail Tech 100 from nearly 15,000 applications and nominees, based on several factors including patent activity, business relations, investor profiles, news sentiment analysis, proprietary Mosaic scores, market potential, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Standard provides the only checkout-free solution that can be quickly and easily installed in existing stores without making any changes to shelving, lighting, layout, inventory management processes, and more. Market Next was retrofitted with Standard’s ceiling-mounted cameras and its proprietary AI and machine-vision software that accurately associates each shopper with the items they pick up to purchase – without using biometric data.
“Creating a frictionless shopping experience has been high on retailers’ list of priorities for some time, and COVID-19 has accelerated demand,” said Fisher. “Retrofitting existing stores with Standard’s technology enables retailers to move forward with a checkout-free experience more quickly and in a more cost-efficient fashion.”
Quick facts on the 2020 Retail Tech 100:
- The 2020 Retail Tech 100 startups have raised over $14B in total equity funding across 400+ deals from 700+ unique investors. Over half of these companies have raised funding in 2020 (as of 11/20), amounting to $4.7B in total.
- The list includes 19 unicorns (companies that have reached a valuation of $1B+) focused on a diverse range of retail tech solutions.
- There are 21 early-stage startups (seed/angel and Series A) in this year’s cohort.
- Majority of these companies are based in North America (59%), followed by Asia (21%), Europe (16%), and Latin America (4%). Among countries, the US leads with 55 companies.
To access the full CB Insights Retail Tech 100 Companies list, visit https://www.cbinsights.com/research/report/retail-technology-startups/.