Autonomous retail startup Sensei plans European expansion
Lisbon-based computer vision startup Sensei, who provides autonomous store technology to deliver ubiquitous check-out-free purchasing systems, announced that it raised $6.5 million (nearly £4.7 million) in funding.
The investment round was led by Seaya Ventures and Iberis Capital alongside participation from 200M Fund managed by BPF and existing investor LeadX Capital. It brings the overall funding raised by the company to $7 million (nearly £5 million).
Sensei aims to use the funding to scale its ability to expand R&D, meet increasing demand and speed up new store launches. They are also actively eyeing to expand into the UK and European markets including France, Germany, and Spain.
Vasco Portugal, Sensei’s CEO and Co-founder : “We’re thrilled to have secured this investment with new and existing investors, and have big ambitions to use it to change the way the world shops with autonomous stores. Sensei’s technology will help level the playing field for retailers to compete against digital giants such as Amazon. We aim to enhance the familiar and enjoyable customer shopping experience, making it seamless, convenient, and safe.”
What is Sensei?
Sensei was founded in 2017 and deploys a technology platform, which uses a blend of cameras, sensors, and AI algorithms. It can automate stores, both new and existing, to provide a fast, convenient, and seamless shopping experience.
Sensei’s proprietary “computer vision-first” solution can retrofit easily in existing establishments and allows retailers to offer a seamless and more efficient shopping experience to their customers, which is completely check-out free. Retailers can manage their inventory in real-time and get access to unique data insights about their customers and how they interact with their store and products.
Sensei currently works with all sizes of grocery, convenience, grab-and-go stores, and other retail formats.
Future of technology and retail
Across various industries, technology is reshaping the way we do business. Mckinsey in 2020 that the UK had gone further in adopting online shopping than any of its Western peers (20% of UK consumers shop entirely or mostly online).
The pandemic was a catalyst for online shopping, contactless payments, and touch-free retail technology. Smart stores have been a recent topic of new shopping technology.
Amazon has been opening physical Amazon Go convenience stores and Amazon Go Grocery stores across the US and it has launched a UK store, branded Amazon Fresh.
You scan the app as you enter the store and then the technology can detect when products are taken or returned to the shelves and keeps track of them in your virtual cart. When you leave the store with your goods, your Amazon account is charged and you are sent a receipt.
The COVID-19 pandemic has brought extreme challenges for the retail industry but has also brought progress and improvements in terms of technology over the past year. Tools like machine learning, data science, computer vision, augmented reality, and more have shown that 2020’s challenges have been an opportunity for improvement and that the future of the retail industry could be very different.
The Online Safety Bill: What is it and what does it mean?
New internet laws will be published today in the UK in the draft Online Safety Bill to protect children online and tackle some of the worst abuse on social media, including racist hate crimes.
The draft legislation, which was previously known as the Online Harms Bill, has been two years in the making. Some new additions to the bill include provisions to tackle online scams, such as romance fraud and fake investment opportunities.
What does it include?
The draft Bill includes changes to put an end to harmful practices and brings in a new era of accountability and protections for democratic debate, including:
New additions to strengthen people’s rights to express themselves freely online, while protecting journalism and democratic political debate in the UK.
Further provisions to tackle prolific online scams such as romance fraud, which have seen people manipulated into sending money to fake identities on dating apps.
Social media sites, websites, apps and other services hosting user-generated content or allowing people to talk to others online must remove and limit the spread of illegal and harmful content such as child sexual abuse, terrorist material and suicide content.
Ofcom will be given the power to fine companies failing in a new duty of care up to £18 million or ten per cent of annual global turnover, whichever is higher, and have the power to block access to sites.
A new criminal offence for senior managers has been included as a deferred power. This could be introduced at a later date if tech firms don’t step up their efforts to improve safety.
Digital Secretary Oliver Dowden said: “Today the UK shows global leadership with our groundbreaking laws to usher in a new age of accountability for tech and bring fairness and accountability to the online world.
“We will protect children on the internet, crack down on racist abuse on social media, and through new measures to safeguard our liberties, create a truly democratic digital age.
The draft Bill will be scrutinised by a joint committee of MPs before a final version is formally introduced to Parliament.