VisioLab, a developer of intelligent self-checkout systems, raised $11 M in Series A funding. The round, co-led by eCAPITAL Entrepreneurial Partners and Simon Capital, also saw participation from existing investors High-Tech Gründerfonds and zwei. 7, and Heartfelt. The company plans to use the funding towards expanding its technology in international markets.
VisioLab builds iPad-powered self-checkout systems that the company was founded in 2019 in Germany and has an office also in Boston. The technology uses computer vision to recognize and identify the food items without bar code. This applies to both packaged and fresh food, and is great in places where items come and go a lot.
This system is designed for high-demand food service locations, such as company cafeterias, universities, sports stadiums and travel hubs. This is useful in reducing idle time since it fastens the payment. Its solution, the company says, can reduce transaction time by as much as 70 percent. It is simple to set up and can be installed by staff members in approximately 10 mins with no unique training required.
With businesses facing ongoing labour cost inflation and the omnipresent risk of staff shortages, an increasing number of businesses are now looking for faster, easier checkout systems. Automation has become a popular option among companies striving for fast-tracked speed while preventing worker burnout. Some countries with extensive food variety will benefit from the advent of new technologies that can enable checkout systems without scanning and manual input.
Investors say VisioLab is addressing a common pain point faced by chains, as it increases operational flow and efficiency across food service. They also cite its early growth and its ability to enter various markets.
According to CEO and co-founder Tim Niekamp, the company wants checkout to feel natural and uncomplicated, which means that consumers will not even notice the tech behind it.
It is active in the sports space and entertainment spaces, already collaborating with partners including the Orlando Magic, Inter Miami CF and Live Nation Entertainment. Using this new funding, VisioLab is looking to expand into additional markets, enhance its product and gain other kinds of customers.
Based in Germany, VisioLab constructs intelligent checkout systems for food service companies. The reason which its technology assists in reducing wait time, enhancing accuracy and easing the daily routine with ideally busy environment.
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