AI RetailTech Startup ScanWatch Closes €0.5M Seed Round To Transform Store Checkout
AI retail technology startup ScanWatch attracted €0.5M in investments, with technology company Agmis and smart retail security solutions provider Neto Baltic leading the round.
"More than 60% of shopping baskets include at least one unpacked item. Selecting fruit or vegetables from the self-checkout counter menu creates additional friction in the checkout experience, also increasing checkout time, especially if scanning a few unpackaged items per checkout", - noted ScanWatch managing partner Evaldas Budvilaitis.
ScanWatch also compares visual images of scanned products with corresponding barcode and product image database, mitigating the risk of intentional product mislabeling.
According to research, more than 1% of retail revenue is lost due to checkout fraud or scanning errors, totalling in more than 300 billion US dollars per year.
"ScanWatch trials in largest Baltic grocery retail chains indicated that in 0.92-0.95% of all self-checkout scans the product was not identified correctly. By harnessing computer vision, we can significantly reduce these retailer losses", - added E. Budvilaitis.
ScanWatch utilizes cameras installed in the self-checkout area to identify scanned products. ScanWatch is currently compatible with 80% of self-checkout hardware currently available on the market.
ScanWatch partner E. Budvilaitis has more than 30 years of retail technology experience. Previously he co founded New Vision Baltija (now StrongPoint)
"There are more than a million of self-checkout counters around the world, with a total market value of 8 billion USD. As retailers are moving towards autonomy and automation, the role of AI in retail technology will only increase", - noted L. Svaikauskas.
For technology development ScanWatch partnered with leading Lithuanian technology company Agmis, which also boasts an in-house AI product development team.
"The investment marks a new stage for Agmis, as we move from software development for clients or in-house products, towards investing into end-products created by our partners. We plan to expand our investment portfolio and contribute to further growth of Lithuanian startup ecosystem", - told CEO of Agmis Saulius Kaukenas.
About Agmis | https://agmis.lt/
Technology company Agmis develops smart solutions for customers all over the world. EasyFlow product development department creates AI products for retail, industrial and aero diagnostic applications. Bluelark is the first certified Salesforce partner in the Baltic states. Software by Agmis is employed in 30 countries across 4 continents. The company employs more than 100 highly qualified specialists.