SHANGHAI, July 14, 2020 /PRNewswire/ -- Cloudpick, the technology startup providing smart retail and artificial intelligence solutions, announced recently that it has raised Series A+ round of funding led by Cathay Innovation. Prior to this, Cloudpick had received investment in a Series A fundraising led by Intel Capital last year.
Founded in July 2017, Cloudpick provides smart store solutions combining AI technology with retail sales. Thanks to computer vision, machine learning and multi-sensor integration technologies, the Cloudpick++ patented algorithmic behavior recognition and learning engine, developed in-house, is capable of precisely identifying product information and customer behaviors, and thus delivers a seamless "Grab & Go" shopping experience to customers worldwide. In short, Cloudpick enables the transformation of traditional stores into highly digitized, cashless smart stores.
Cloudpick has already equipped around 100 stores worldwide, notably in the United States, Canada, Japan, South Korea, Singapore and China. It has also built up many high-quality partnerships with companies and organizations such as NTT Data and NEC in Japan, or emart24 in South Korea.
In practical terms, shoppers enter the store by scanning a QR code. Then throughout their visit, the smart system will gather data on product choices and identify customer behaviors. Once customers finished shopping, they simply walk out, with no need to checkout. This 100% contactless payment system not only allows stores to stay open 24/7 but serves also as an efficient tool to reduce transmission rates in times of pandemic.
In addition to a simplified, secure, enriched and personalized user experience, Cloudpick's solutions enable stores to access a real-time data portal to optimize performance through automated payment systems, intelligent inventory management and personalized marketing tools.
By leveraging Cloudpick's advanced technologies, stores can digitalize all product, spatial and behavioral data to create a digital copy of their operations, accurately modeling a variety of complex scenarios. For example, they can recognize incorrect handling or location, with an accuracy rate of up to 99.9% in just 5 to 10 seconds.
Furthermore, the systematic use of data in operation will ultimately result in the full integration of the value chain, from downstream warehouse supply to upstream services (order picking, home deliveries, etc.). It helps traditional retail stores to decrease manager dependency, and provide managers with more effective support data for decision-making.
Rosie Zhang, co-founder of Cloudpick Technology, said: "This round of financing marks a new starting point. Whereas traditional operating methods are still focusing on price competition, new digital platforms focus on customers' needs and improving user experience. Cloudpick increases the interaction between retailers and their customers through a complete AI transformation."
Denis Barrier, co-founder and CEO of Cathay Innovation, concluded: "The retail sector has been strongly impacted by the consequences of the pandemic, but this crisis has acted as a catalyst for the digital transformation of the sector and has increased consumer acceptance of new, easy-to-use and personalized services. We are convinced of the potential and value of this investment theme and that Cloudpick will be at the forefront of this AI-led consumer revolution given the full range of digital innovations which Cloudpick offers."