Nature of Funding :
Venture Capital (EIS)
Use of Funding :
Development Capital
Sector :
Retail Technology
Amount :
Six-Figures
Date of Investment :
March 2024
Location :
Edinburgh
Fund :
fund:AI
Summary
fund:AI made a six-figure investment into leading retail-tech platform company Autonomo Technologies in March 2024 as part of an £2.3m seed round led by London based Potter Ventures.
This funding marks a significant milestone for the tech firm, founded by James Sutherland and the former Metro CEO Patrick Müller-Sarmiento, and is being used to bring Autonomo’s computer-vision powered checkout solutions to the UK, having proven highly successful in Germany in petrol stations, convenience and grab-and-go stores.
The process of using the Autonomo cashierless system is simple: customers simply tap a payment card or phone. Accurate computer vision technology installed throughout the store then anonymously tracks the shopper matching them to the products they pick up. To checkout, the shopper just exits the store and the Autonomo platform automatically takes payment after itemising all the items.
This system not only offers clients’ shoppers a smoother, more enjoyable in-store experience – a concept awarded the Harvard Alumni Accelerator prize and Best Customer Experience RETA award – but its computer vision-powered inventory and behavioural recognition capabilities also help to deter theft and reduce shrinkage.
Testimonial
“Working with bright new investors and constantly opening stores is one way to measure success, but the other really heart-warming impact our stores have is on the local shoppers, where we fundamentally improve their lives.”
James Sutherland CEO Autonomo Technologies