- Cashierless technology company Standard Cognition recently announced that it acquired DeepMagic. These are the details.
Standard Cognition, a company that built a platform where buyers can grab what they want without having to go to a cashier, announced recently that it has acquired the assets of DeepMagic. DeepMagic is a New York-based company that focuses on unattended, automated retail.
Bernd Schoner and Davi Geiger founded DeepMagic. And Schoner will join Standard in a consulting capacity to help manage the integration of DeepMagic’s technology into Standard’s platform.
“Both Standard and DeepMagic took a computer-vision only approach to autonomous checkout, making our technologies very compatible,” said Standard Cognition co-founder and CEO Jordan Fisher. “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.”
DeepMagic has built strong computer vision technology that can identify individual items with outstanding accuracy and it has deployed commercial systems in the US and Europe. And the company also holds key patents dating back to 2016 covering important elements of autonomous checkout technology.
“We’re thrilled that our technology will live on in the Standard platform. We’ve long admired Standard’s approach to autonomous checkout. They are currently leading this market and we believe they are well-positioned to win big in this space,” added Schoner
Standard Cognition was one of the first companies in the autonomous checkout space and was the first to open a cashier-less store in San Francisco. The company was recently named to Y Combinator’s Top Companies List for 2019. Since launching, Standard Cognition has raised $86 million in funding from investors like CRV, Initialized Capital, EQT Ventures and Y Combinator.