Cloudpick Limited, a leading company in AI-based smart retail technology and solutions, today announced it has received investment in a Series A+ fundraising led by Intel Capital. —
Cloudpick will use the investment proceeds to broaden its product portfolio for more effective hardware and software development in retail technology, and to strengthen the company’s global market penetration in North America, Europe and Asia Pacific.
Since 2017, Cloudpick has deployed its expertise in computer vision, machine learning and IoT to develop innovative, cashier-less payment solutions for brick-and-mortar stores. The company’s technology redefines the way people shop by eliminating the pain points inherent to in-store check-out lines. The company’s patented technology enables end-to-end smart store solutions that not only offer the ease of checkout-free and personalized shopping experiences, but also improve store operation and labor efficiency by an order of magnitude.
Cloudpick’s smart store solutions have already been deployed in a wide spectrum of retail segments including convenience stores, gift stores and pharmacies, ranging in size from 500 to 2,000 square feet. Customers use the Cloudpick mobile app to enter the stores, and thereafter the entire shopping experience is designed to be automated. Vision sensors track which products customers pick up and put back, virtual baskets are updated accordingly by the algorithms, and customers’ digital accounts are automatically charged after exiting the stores. Cloudpick’s Intelligent Retailing Platform (C-IRP) – powered by Intel® Core™ Processors Intel Movidius, Intel 5G and the Intel® Distribution of OpenVINO™ toolkit – brings high-throughput, low-latency visual object detection and gesture recognition with deep learning networks that deliver proven accuracy while simultaneously reducing costs for computation.
“Our existing and in-development product offerings have positioned Cloudpick to be a market leader in AI-powered smart retail solutions,” said Dr. Jeff Feng, founder and CEO of Cloudpick. “This investment, led by Intel Capital, will speed up our new product development and extend our solutions to a large variety of personalized customer experiences, precision marketing and more engaged retailer-to-consumer interactions while supporting our global market expansion.”
Tianlin Wang, China Country Manager at Intel Capital, said: “Our investment in Cloudpick supports Intel’s strategy to shape the future of retail and promote a free exchange of ideas about technological advancement within the retail industry. We look forward to continuing to work with Cloudpick to increase the adoption of digital retail technologies and solutions in China and in global markets.”
The Series A+ fundraising aims to leverage the extensive experience of Cloudpick in computer vision and machine learning algorithm design, mixed edge-cloud computing and scalable high-concurrent software engineering to deliver successful solutions to customers.
Cloudpick is a smart retail technology provider based in Shanghai, China. With proprietary computer vision, deep learning, sensor fusion, and edge computing technologies, Cloudpick empowers highly digitized, intelligent, cashier-free stores with a grab-and-go shopping experience. Cloudpick has collaborated with e-commerce companies, traditional retailers and payment partners worldwide and equips brick-and-mortar stores with streamlined, cost-efficient and technically retrofitted properties that support “new retail” shopping experiences.
For more information regarding Cloudpick, visit www.cloudpick.com.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous technology, data center and cloud, 5G, next-generation compute, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.4 billion in 1,554 companies worldwide, and 670 portfolio companies have gone public or participated in a merger or acquisition. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000.
For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
Release ID: 501485