Scandit secures 80 million US dollars

According to a press release, Scandit has taken 80 million US dollars in a round of financing. The round was led by G2VP, a venture capital company from Silicon Valley. Among others, Atomico, GV, Kreos, NGP Capital, Salesforce Ventures, and Swisscom Ventures were involved.

Scandit has developed a software solution that enables barcodes to be scanned. The company uses computer vision, machine learning, text recognition (OCR), object recognition, and augmented reality for this. According to the information provided, the solution works with any smartphone equipped with a camera. It can be integrated into cell phones, drones, robots or wearable devices, and it can then scan labels from any angle and even in poor light conditions.

Scandit’s solution can be implemented in logistics or at self-checkouts in supermarkets, for example. However, it can also help with recording medication and materials in a healthcare setting. The solution has already been implemented by companies such as Carrefour, FedEx, and 7-Eleven.

According to its own information, Scandit aims to use the new money to drive international expansion. It hopes to grow above all in the APAC region and Latin America. Moreover, it plans to invest heavily in research and development, for example developing new methods for companies to restructure their business processes using computer vision and augmented reality.