Zippin announced that it has raised $30 million in a Series B round of funding from new and existing investors including OurCrowd, Maven Ventures, Evolv Ventures, and SAP, valuing it at $45 million.
The idea for Zippin was born when co-founder and CEO, Krishna Motukuri, went to buy milk from his favorite store but chose to buy it from a local store instead due to the long queue and that wasn’t received well at home, and he realized that there had to be a better way.
Hence, developed the next generation of checkout-free technology with industry veterans from Amazon and SRI with deep backgrounds in retail technology, AI, and computer vision enabling retailers to quickly deploy frictionless shopping in their stores. Using approaches such as AI, machine learning, and sensor fusion technology to create the best consumer experience.
Zippin is serving in various stores across the four continents, with this funding the company aims to expand its operations to power tens of thousands of stores by 2025 and accelerate the pace of innovation in the areas of deployment and maintenance,
“Zippin has seen increased demand and rapid adoption of checkout-free technology during the pandemic,” said Krishna Motukuri, Zippin’s Co-founder & CEO. “Shoppers want contactless experiences everywhere they go. As retailers realize that frictionless checkout-free technology is also contactless by design, they see a great opportunity to kill two birds with one stone. With a checkout-free platform like Zippin, retailers can offer shoppers what they are looking for today, and future-proof their business, both at the same time.”