© ljupco smokovski dreamstime.com General | December 06, 2019
Accel Robotics more than quadruples initial funding
San Diego-based start-up Accel Robotics has announced a USD 30 million Series A funding round led by SoftBank Group Co.
The Series A funding, combined with USD 7 million in prior funding, allows Accel Robotics to accelerate its expansion worldwide by growing operations, increasing manufacturing capacity, and streamline its expanding deployment pipeline, a press release said. At the core of Accel Robotics technology is the “grab-and-go” feature that allows for checkout-free shopping, meaning, customers take items from the shelves and exit the store without stopping at a regular or self-checkout stand. Receipts are delivered via text or app. According to a press release, the “frictionless commerce platform” increases both efficiency and throughput and increases shopper satisfaction by eliminating the checkout process. Benefits to the retailer include key data streams like live inventory and shopper analytics. Accel Robotics CEO Brandon Maseda said, “We are excited to partner with the team at SoftBank Group to help scale our frictionless commerce platform with retailers and brands around the world.” Deployment of the frictionless commerce platform has begun in North America and Japan, in leading retail chains in the convenience, quick-service, drugstore and fast-food restaurant markets. In addition to SoftBank Group, Accel Robotics’ funding round includes participation from existing investors, including New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures.