NEW YORK, NY, Caper announces that it has closed a $10 million Series A round of funding.
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Caper, the first AI-powered shopping cart that uses computer vision to enable a seamless grab-and-go retail experience, announces that it has closed a $10 million Series A round of funding led by Lux Capital. Following Caper's Seed funding, First Round Capital, Y Combinator, Hardware Club, Sidekick Fund, and FundersClub reinvested in the Series A - fortifying their confidence in Caper as builders of game-changing technologies for the grocery industry. Red Apple Group, a well-known New York supermarket chain that operates Gristedes and D'Agostino, as well as other undisclosed strategic investors, also participated in the round. The funding will be used to expand the team and fulfill its rollout pipelines with mega-retailers.
Caper's automated checkout uses a unique approach - instead of the costly option of retrofitting the entire store with cameras and sensors, the company brings low-cost AI shopping carts with installed sensors and computer vision. As a result, Caper's deployment of autonomous checkout requires no infrastructure change and no operational overhaul. 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," said Zack Schildhorn, partner at Lux Capital, who joined 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 has executed commercial contracts with some of the largest grocery chains in North America and plans to deploy over 1,000 Caper carts in the coming year. With a validated basket size increase of more than 10% and high customer satisfaction ratings, Caper looks 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., the Principal of Red Apple Group.
"We are pleased to have amazing like-minded investors to join us in this round," said Lindon Gao, Founder & CEO of Caper. "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."