Scandit, an enterprise barcode scanner company, has recently closed an $80 million Series C funding round. The firm offers a technological platform that combines computer vision and machine learning tech with barcode scanning, object recognition, text recognition, and augmented reality designed explicitly for any camera-equipped smart devices such as smartphones, robots, drones, and others. The used cases mostly include mobile apps or websites used for online shopping, inventory management, self-checkout, asset tracking and maintenance, proof of delivery, and others. It can also be used in the healthcare sector where it can be used in the scanning of patient IDs, medication and supplies, samples, and others. The company stated that its software is unmatchable in terms of accuracy and speed. Target industries mainly include retail, healthcare, travel, transport & logistics, and industrial, among others.
The latest funding injection it received was a $30M Series B round in 2018. Global customers of Scandit include companies like Alaska Airlines, Carrefour, Instacart, FedEx, Johns Hopkins Hospital, and several others. It stated that the new funding would further be used for pressing on the gas to grow in new markets such as Asia Pacific and Latin America, and also building out its footprint in and Europe and North America. It will also be used to fund more R&D to come up with new ways for enterprises and businesses to transform their core business processes with the help of computer vision and augmented reality.
The nationwide lockdown and social distancing protocols imposed during the COVID-19 pandemic has significantly fuelled the demand for mobile computer vision on the personal smart devices, which has resulted in customers looking for new ways to ensure more contactless interactions. Another demand spike has been recorded in ‘Click & Collect’ retail and contactless home deliveries – something Scandit is well-positioned and prepared to offer. The bridge between the physical and digital worlds is highly crucial as the world gradually accelerates its shift to online purchasing and delivery systems.