Scandit raises $80 million in Series C funding
The latest funding round will help accelerate Scandit’s global expansion
Scandit has announced it's closed an $80 million Series C funding round led by G2VP. Atomico, GV, Kreos, NGP Capital, Salesforce Ventures and Swisscom Ventures also participated in the funding round. To date, Scandit has raised $123 million.
This latest funding round follows a $30 million Series B round in 2018. Since then, Scandit has tripled its recurring revenues, more than doubled its number of blue-chip enterprise customers and doubled the size of its global team.
Scandit will use funds from this round to further accelerate its growth in new markets while helping expand its operations in North America and Europe.
The $80 million will also support Scandit’s continued R&D efforts, which are focused on developing new ways for businesses to transform their core processes by leveraging computer vision and augmented reality tech.
The need for social distancing has also led Scandit’s platform to become increasingly valuable as companies worldwide seek to create safer, contactless environments for their employees and customers in response to the coronavirus pandemic.
“COVID-19 has shone a spotlight on the need for rapid digital transformation in these uncertain times, and the need to blend the physical and digital plays a crucial role,” Samuel Mueller, CEO of Scandit, shared in the announcement of this latest funding round.
“The smartphone is a personal tool that can be deployed with powerful computer vision software to seamlessly interact with everyday objects and display real-time insights with AR-overlays. Our new funding makes it possible for us to help even more enterprises to quickly adapt to the new demand for ‘contactless business’, and be better positioned to succeed, whatever the new normal is,” Mueller continued.
Founded in 2009, Scandit is the leading platform for mobile computer vision and augmented reality solutions for businesses. Numerous retail, logistics and manufacturing enterprises already use Scandit’s technology to launch mobile apps and websites geared toward mobile shopping, self-checkout, inventory management and order tracking.
Meanwhile, in health care, Scandit’s tech allows workers to scan patient IDs, samples, medication and supplies.