DeepMagic’s computer vision technology enables people to swipe their payment card upon entering kiosks or stores, pick up what they’re there for, and walk out without having to visit a checkout. Some of this technology has been patented by the startup, providing Standard with some protection should Amazon choose to patent the technology used in its Go stores.
The co-founder of Deep Magic, Bernd Schoner, will join Standard in a consulting capacity, helpin to manage the integration of DeepMagic’s technology into the Standard platform.
“Both Standard and DeepMagic took a computer-vision only approach to autonomous checkout, making our technologies very compatible,” said Jordan Fisher, co-founder and CEO of Standard Cognition. “We both knew from the start that in order to retrofit into existing retail environments, we needed to maintain a very low footprint – a cameras-only system is the best way to do that. DeepMagic had developed very strong computer vision technology that fits very well into our technology portfolio – we’re excited to take the technology forward.”
Standard, valued at around $535m, has raised $86m in funding from investors including CRV, Initialized Capital, EQT Ventures, and Y Combinator. Earlier this year, it acquired Explorer.ai, a mapping and computer vision startup.
Source: Mobile Marketing Magazine