- AI-powered shopping cart company Caper announced that it closed $10 million in Series A funding led by Lux Capital
Caper — the first AI-powered shopping cart that uses computer vision to enable a seamless grab-and-go retail experience — announces it closed $10 million in Series A funding led by Lux Capital. And existing investors First Round Capital, Y Combinator, Hardware Club, Sidekick Fund, and FundersClub joined the round along with Red Apple Group (well-known New York supermarket chain that operates Gristedes and D’Agostino) and several undisclosed strategic investors.
This round of funding will be used for expanding the team. And the funding will be used to fulfill its rollout pipelines with mega-retailers.
“We are pleased to have amazing like-minded investors to join us in this round,” said Caper founder and CEO Lindon Gao. “Automated checkout will redefine the future landscape of retail and commerce. Caper not only streamlines checkout but also, through its screens on the cart, interfaces with shoppers to deliver details of products, recipes, and tailored recommendations as they shop. We’re excited to be at the forefront of bringing enriched retail experiences to shoppers and practical ROIs to retailers.”
Caper’s automated checkout uses a unique approach rather than the costly option of retrofitting the entire store with cameras and sensors. What Caper does is bring a low-cost AI shopping cart with installed sensors and computer vision. And as a result, Caper’s deployment of autonomous checkout requires no infrastructure change and no operational overhaul. Plus store owners can put Caper carts in their stores and immediately enable a frictionless checkout experience that complements their store’s existing business.
“U.S. consumers spend more on groceries than health insurance, education or entertainment,” added Zack Schildhorn, a partner at Lux Capital — who is joining the board as part of the financing. “Many startups attacking this space are prioritizing technical conquests over customer needs. Instead, Caper targets affordability, ease of deployment, and a magical-yet-familiar shopper experience.”
Caper is executing commercial contracts with some of the largest grocery chains in North America and is planning to deploy over 1,000 Caper carts in the coming year. And with a validated basket size increase of over 10% and high customer satisfaction ratings, Caper is planning to replicate its early successes and transform consumer’s shopping experience at scale.
“As experienced grocery operators, we are well aware of the constantly transforming ways our customers want to interact with our business. I believe Caper’s superior team and technology have positioned them to be the platform that bridges the digital and physical shopping experiences, in a way that is additive to both the customer and the retailer,” said John Catsimatidis Jr., a Principal at Red Apple Group.
