AiFi Raises $65M Series B for its Frictionless Checkout

ALDI South Group, Żabka Group, REWE, Verizon Ventures, HP Ventures and Qualcomm Ventures particpated in the round.

The News

• AiFi, which makes a computer vision-based cashierless checkout system for retailers, announced today that it has raised a $65 million Series B round of funding.

• The investors are a mix of retailers and technology companies including ALDI South Group, Żabka Group, REWE, Verizon Ventures, HP Ventures and Qualcomm Ventures. This brings the total amount raised by AiFi to $97 million.

• AiFi powers 26 autonomous stores already in operation around the world. Its new funding comes at a time when retailers are primed for cashierless checkout (and Amazon has not cemented any dominance).

The Story

While $65 million is a big number, the thing I’m most intrigued about with AiFi’s funding announcement today is who the investors are. Just as much as it is about money, this round is also about strategic relationships with both retail partners (and potential AiFi customers), as well as technology partners that can power AiFi’s autonomous stores.

The funding comes at a time when Amazon, the 800 lbs. gorilla in the cashierless checkout line, has had its share of hiccups, allowing upstarts like AiFi to potentially swoop in.