• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

3v.org

Venture Capital Matters

  • Pitch a Startup
    • Make a Contribution
  • Market Reports
  • Technologies
    • Technology Events
  • Domain Names for Startups
  • About
    • How to raise venture capital
    • How to raise seed funding from angel investors
    • How private equity and venture capital firms operate
    • What is the difference between private equity and VC funding?
    • What technology trends are considered hot among VC firms?
    • What is elevator pitch?
    • What is startup burn rate?
    • Does failure to launch a startup spell the end of the entrepreneur’s ambitions?
    • How to avoid pitfalls in founding a startup
    • Why do startups fail?
    • What are the traits of successful startup founder?
    • What are startup vanity metrics?
    • Why investing in the next generation of women and diverse entrepreneurs is a crucial part to the success of the tech infrastructure
    • Where are VCs seeing opportunity
    • How do startup valuations work?
    • What is startup accelerator?
    • How to scale an early-stage startup team, how much to pay and how to distribute equity
    • Don’t mix business with friendship: when it comes to building a founding team for a startup, this adage may not always apply
    • What is a social unicorn?
    • Secure Your Startup’s Future: The Importance of Succession Planning
  • Contact

Mashgin Raises $62.5M Series B Funding at a $1.5 Billion Valuation, Led by NEA

May 9, 2022 By admin Leave a Comment

World’s most vetted computer vision-powered self-checkout achieves unicorn status and furthers its market dominance

PALO ALTO, Calif., May 9, 2022 – Mashgin, the world’s fastest touchless self-checkout system powered by AI and computer vision, today announced it has raised $62.5 million in Series B funding at a $1.5 billion post-Series B valuation, elevating the company to unicorn status. The Series B funding was led by global venture capital firm, NEA, whose prior investments include Robinhood, Cloudflare, Patreon, Uniphore and others, and brings Mashgin’s total funding to date to $74.7 million. Existing Mashgin investor, Matrix Partners also participated in the Series B round. Mashgin will use the new funding to grow its team, accelerate expansion and scale internationally.

Mashgin is already profitable and is the most vetted computer vision-based self-checkout system on the market today, with more than 35 million transactions completed and $310 million in transactions run through the Mashgin platform to date. The Mashgin Touchless Checkout System identifies items from virtually any angle and instantly rings them up in a single transaction. It doesn’t need barcodes or RFIDs, perfectly consistent packaging or particular orientations to work correctly. Consumers simply place their items down, pay and go — in 10 seconds or less. Watch a short video of consumers using Mashgin here.

Data collected from more than 35M Mashgin transactions to date shows an increase in transaction throughput by as much as 400% — resulting in dramatically shorter lines, more sales and happier customers. Mashgin kiosks are currently deployed in more than 800 locations, including convenience stores, iconic sports stadiums, arenas and entertainment venues, airports, universities, corporate and hospital cafeterias. Mashgin’s technology has saved consumers over 33 years of time wasted in line, and provides a better way for retailers to innovate and meet shifting consumer behavior.

“The global pandemic accelerated the adoption of touchless technologies, but consumer behavior has turned them into the baseline expectation,” said Mashgin Chief Technology Officer and co-founder, Mukul Dhankar. “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.”

Mashgin rings up multiple items in half a second and has an identification accuracy rate of 99.9%. It allows checkout lines to move at high speed without interruption, reduces wait times, and allows retailers to invest more in the overall customer experience. Mashgin kiosks can be installed in as little as an hour. They also integrate with loyalty systems, facilitate cash payments, and allow customers to pay for gas at convenience stores.

Noteworthy Mashgin customers include:

Globally recognized convenience stores chains such as ampm and Delek;
HMS Host, the market leading restaurateur and airport retailer has Mashgin deployments at major U.S. and international airports such as Charlotte Douglas International Airport, Dallas/Fort Worth International Airport, Los Angeles International Airport, Las Vegas International Airport, and more;
More than 30 iconic sports stadiums, arenas and entertainment venues, including Arrowhead Stadium in Kansas City, SAP Center in San Jose and Madison Square Garden and Citi Field in New York City;
Corporate and hospital cafes in partnership with Aramark, Compass Group and Sodexo.
“It is always exciting to find companies achieving strong customer traction, and the tech-enabled checkout experience that Mashgin has created for consumers is truly magical,” said Scott Sandell, Managing General Partner at NEA. “Mashgin’s solution has been vetted by industry leaders and continues to expand—even through the challenges of a global pandemic. We are thrilled to partner with the team to drive the future of transactions to not only improve companies’ bottom lines, but also save valuable time and improve the quality of life for people worldwide.”

Mashgin recently won gold in the highly prestigious 2022 Edison Awards, was named to the 2022 Fast Company World’s Most Innovative Companies list, and also named to CB Insights’ Retail Tech 100 annual ranking of the 100 most promising B2B retail tech companies in the world.

About Mashgin
Mashgin is the world’s fastest self-checkout system powered by AI and computer vision. Consumers demand instant gratification. Mashgin’s Touchless Checkout System eliminates consumer frustration while increasing revenue for retailers with checkout that is four times faster than cashiers and traditional points-of-sale. There’s no need to look for and scan bar codes: customers simply place their items on Mashgin’s tray, pay electronically, and can be on their way in as little as 10 seconds.

Founded in 2013 and headquartered in Palo Alto, California, Mashgin is a privately held company backed by NEA, Matrix Partners, Susa Ventures and Y Combinator. Follow Mashgin on Twitter and LinkedIn or learn more about Mashgin at www.mashgin.com.

About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s track record of investing includes more than 260 portfolio company IPOs and more than 430 mergers and acquisitions. www.nea.com

SOURCE Mashgin

Filed Under: PR

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

The Immersive Experience in the Museum World
How insurers thrive in a turbulent market
Leveraging Artificial Intelligence to Drive Cost Savings and Productivity in Uncertain Times
The shipping industry is undergoing a significant change with the influx of new vessels arriving just as the growth of trade is beginning to slow down
Climate change is increasingly affecting the production of beer ingredients
Unfulfilled Dreams: The Aftermath of China’s Stalled Real Estate Developments
Huawei on the Brink: Biden Administration Considers Cutting Off the Tech Giant”

Market Research Media

Streaming video, training, and gaming coming together to form a cohesive and diverse media and entertainment ecosystem
Turn Your Story into a Game: The Art of Gamifying Your Plot
The end of cheap money is redrawing the map of corporate earnings
The Future of Virtual Reality: How VR is Changing Industries
Market Research Media Survey: The State of Streaming Services
Media measurement services provide a holistic view of cross-media consumption
Gen Z ranks top in luxury sales

Secondary Sidebar

Technologies

The use of immersive technology in museums is still in its early stages
The low tech unemployment rate and hiring activity confirms the long-term demand for tech talent
Virgin Orbit and SatRev Sign Launch Services Agreement
Harnessing the Power of Innovation for a Better Tomorrow
Breaking Down Silos: The Need for Cross-Sector Collaboration in Tackling Global Challenges

Tech Events

Embedded World 2023, March 14-16, 2023, Nuremberg, Germany
The IOT Solutions World Congress and Barcelona Cybersecurity Congress, May 21-23, 2024, Fira de Barcelona’s Gran Via venue
React Summit 2023, June 2 (in-person in Amsterdam) & June 6 (remote), 2023
Blockchaining 2023: The crypto world is facing a crisis of confidence
ScyllaDB Summit 2023 taking place online on February 15-16, 2023

Footer

Recent Posts

  • Gradient, a company specializing in eco-friendly heating and cooling solutions, has raised $18 million in a Series A funding round
  • The Importance of Diversity and Inclusion in the Workplace
  • Sequoia Capital announces its $195 Mln dedicated seed fund
  • Sublime Systems Secures $40 Million Series A to Electrify and Scale Decarbonized Cement Production
  • actyv.ai Raises Pre-Series A Funding to Fuel Global Expansion, Product Enhancement
  • Ottopia announces $14.5M Series A Funding Round
  • LSE launches £50m accelerator for “social unicorns”
  • Blues Wireless Raises $32M To Accelerate Enterprise Adoption of Cellular IoT
  • How Artificial Intelligence May Affect Professional Photography
  • Introducing the $60M Axelar Ecosystem Startup Funding Program

Dossier

Global cross-border activity to grow 5.6% through 2026
Idera, Inc. Acquires apilayer
Michael J. Fox Foundation and 23andMe Share New Genetic Data from the Largest Cohort in Parkinson’s Research
Defense Market, July 2022
Solid Job Growth Continues Amid a Slowing Economy

Press Media Release

U.S. Department of State, Bezos Earth Fund, and Rockefeller Foundation Announce Next Steps on Energy Transition Accelerator
Morabito Consultants Issues Statement on Building Collapse in Surfside, Fla.
Responsible Mica Initiative Adds 50 Mica-Dependent Villages in India, Extending Its Overall Support to More Than 37,000 Children and Their Families
XRY, the MSAB extraction solution, comes with new features centered on ensuring the chain of custody of digital evidence
Jio Platforms Ltd and SES Announce Joint Venture to Deliver High-Performance Satellite-Based Broadband Services Across India

App Coding

What are implications of rewarding developers basing on number of lines of code?
ScaleOut Software Announces Production Release of Redis®* Integration
monday.com Adds Built-In Monetization Solution to the apps marketplace
How to build a search engine
Trellix Finds Workforce Shortage Impacts 85% of Organizations’ Cybersecurity Posture

API Coding

Profound Logic Builds IBM i Salesforce API Integration Example without Writing a Single Line of Code
How to code an API with ChatGPT
Join Our Team as an API Coder - Power Cutting-Edge API Apps
DarkOwl Announces Release of Ransomware API
One AI to Take on Global Language AI Challenge with NLP-as-a-service Platform for Developers

Copyright © 2022 3v.org

Technologies, Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT