Scandit say the money raised in the latest Series B funding round will be used for IoT.
Swiss data capture specialist Scandit has raised $30 million (£22.7 million) in Series B funding led by venture capitalists GV.
The funding round for the intelligent barcode and machine learning company ibrought in NGP Capital and existing investors Atomico. The company raised $13 million (£9.8 million) in a Series A round last year.
See also: Retail Intelligence Company Trax Raises $125 Million, Brings Cameras to Supermarket Shelves
Its client base extends to industries such as retail, healthcare, manufacturing, government and logistics. Sainsbury’s, Louis Vuitton, Nike, Cardinal Health and Deutsche Post are some of the clients that have used Scandit’s products.
In the UK Scandit has been working with the Leeds Teaching Hospitals NHS Trust as part of a successful pilot with the UK government’s Scan4Safety programme.
The company sells its MatrixScan solution, for example, as capable of scanning an entire shelf at once and seeing real-time inventory data on the display via augmented reality overlay.
Transportation and logistics enterprises meanwhile can also read multiple packages in a single scan and have a specific package with special instructions highlighted on the screen. The tool can even be used by consumers to a shelf at a grocery store and quickly identify items that are vegan or lactose-free, if that’s not clearly labelled.
$30 Million, What Will It Be Spent On?
Scandit will use the capital injection to expand the company globally, while further developing its mobile computer vision platform.
The company’s mobile data capture platform is built on proprietary computer vision, augmented reality, and machine learning technologies that essentially brings to life data in barcodes for crucial enterprise workflows like mobile point of sale, mobile shopping, self-checkout, inventory management, and proof of delivery.
CEO Samuel Mueller said: “This new funding will enable us to keep up our rapid growth, but also, looking at the bigger picture, it’s going to increase the overall adoption of mobile computer vision and augmented reality in the enterprise, which will help to streamline operations and lead to cost savings.”
The combination of AR and mobile computer vision the company has said will lead “to the seamless convergence of physical and digital worlds”.
Tom Hulme, General Partner at GV said: “Scandit delivers high performance across different smartphones by combining deep learning and machine learning with more traditional computer vision heuristics, creating an entirely new approach to computer vision applications for the enterprise.”
Bo Ilsoe, Partner at NGP Capital added: “The Scandit team has demonstrated great execution, ingenuity, and persistence since founding the company. As a team of world-class entrepreneurs, we are very proud to back Scandit in the next phase of their journey.”