To date, Scandit has raised nearly $300 million to fuel its global expansion, its technology enables smart devices to capture barcode, text, ID and object data through computer vision to automate processes and provide information that improves the connection with the client and increases the productivity of the workers.
During the pandemic, Scandit has provided data capture services to national health organizations such as the NHS in the UK to support programs and initiatives to respond to Covid-19.
Since its Series C in May 2020, the company has doubled its annual recurring revenue and now has more than 1,700 global customers, including American Eagle Outfitters, Carrefour, FedEx, Levi’s Strauss & Co., Yamato Transport, Sephora and Rappi.
As an example of its innovation, Scandit launched an intelligent data capture and analysis solution for retail shelf management. Leveraging augmented reality, object recognition, optical character recognition, and other innovative computer vision technologies, it captures SKU-level product data through mobile devices and autonomous robots to enable constant shelf visibility and empower smarter and more efficient store operations.
In the last two years, the company has accelerated its growth in new markets, such as Latin America. Going forward, it plans to use some of the new funding to further expand its global presence and team with a particular focus on the Asia-Pacific region, including Japan, Singapore and South Korea.
The investment will also be used to drive expansion and innovation in its main verticals. Additionally, this funding will accelerate Research and Development at Scandit to modernize key business processes within companies, with a high emphasis on Artificial Intelligence and Machine Learning capabilities.
“The new round of investment will allow us to support more businesses globally and empower an evolving mobile workforce, meet new customer expectations, and deliver increasingly automated operations,” Mueller said.