Grabango to raise money on way to IPO in two years
Grabango, which provides automated checkout technology, is planning another fundraise on its road to an IPO, CEO Will Glaser tells Axios exclusively.
Why it matters: The startup is going up against Amazon's "Just Walk Out" technology in a race to perfect checkout-free solutions for retailers.
Details: "The plan is to go public in a couple of years at a $10 billion to $15 billion market cap," Glaser says.
- The Berkeley, Calif.-based company, which has raised about $100 million, will raise additional funding ahead of a listing, he notes, declining to provide further details.
How it works: Grabango uses computer vision to track a store's stock, how long the products remain, and when they leave, Glaser says.
- The technology can detect when customers pick products off the shelf and leave the store with them, at which point they are automatically charged without having to stop at the register.
- The solution can be installed while a store is open, without having to change anything in it physically such as the shelving, he says.
Zoom in: For now, the startup is focused on servicing convenience stores and supermarkets, with the technology reducing shrinkage and labor while helping with inventory management.
- Aldi, for example, installed the checkout system at a store in Chicago, while chains such as 7-Eleven and Circle K are customers, Glaser says.
Of note: In addition to founding Grabango in 2017, Glaser co-founded music streaming service Pandora Media with Tim Westergren and Jon Kraft in 1999.
The intrigue: Generative AI has fueled venture capital funding and Glaser predicts computer vision AI is the next frontier, given its multiple applications.
Editor's note: This story has been corrected to delete a reference to sensor technology, which Amazon uses but Grabango does not.