Mashgin, developer of an AI-powered touchless self-checkout system, has raised $62.5 million in a Series B funding round led by venture capital firm NEA.

The capital will be used to grow Mashgin’s team and accelerate its expansion. The company has also achieved a valuation of $1.5 billion, elevating it to ‘unicorn’ status.

Mashgin’s touchless checkout system does not require barcodes or RFIDs, and instead uses AI and computer vision to identify products, allowing consumers to pay in ten seconds or less.

According to the California-based company, its checkout system is “four times faster than cashiers and traditional point-of-sale”.

The machines are currently deployed in more than 800 locations, including convenience stores, sports stadiums, airports, universities, and corporate and hospital cafeterias.

Mashgin’s chief technology officer and co-founder, Mukul Dhankar, said: “The global pandemic accelerated the adoption of touchless technologies, but consumer behaviour has turned them into the baseline expectation. Our mission is to leverage artificial intelligence to create real-world benefits for people. By making time-draining tasks fast and seamless, we enable consumers to get back to what really matters, while freeing up businesses to truly innovate on the customer experience to build lasting loyalty.”

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