Technology has changed many ways we operate; from the way we communicate at work and with loved ones to traveling more efficiently via ride sharing apps. Like these advances, the experience of shopping in a store is evolving into a similar, more efficient and future-proof destiny. Retail executives recognize businesses must plan for the future. From enhancing the shopping experience through mixed reality and gamification to bridging in-store and online experiences, the possibilities are endless. The pandemic also accelerated the adoption of new consumer behaviors - like self-checkout lines or in-store pickup or delivery after placing a quick order online. These behaviors have ushered in a swath of entrepreneurs who are building massive businesses to create the next generation of retail.
At the same time, 5G and mobile edge computing (MEC) continue to evolve, helping speed up the way people do everything - even shop. Retail - like many other sectors - is benefiting from data-intensive AI software that makes things like autonomous retail feasible. It could also lay the groundwork for improving efficiency in areas such as inventory management, retail operations, and beyond.
An example is AiFi, an AI platform that allows retailers to implement and expand autonomous shopping solutions. The company’s technology provides camera-only solutions that efficiently track a customer’s autonomous shopping experience while ensuring accuracy.
“This week, Verizon Ventures announced a strategic investment in AiFi to help expand autonomous shopping solutions. We're pleased to work with a company helping to accelerate the adoption of various shopping experiences. AiFi has raised $65 million in a Series B round, with participation from retail partners Aldi, Zabka, REWE, and Verizon Ventures, among others.”
The Autonomous Shopping Opportunity
AiFi, which was founded in 2016, uses AI-powered computer vision technology to provide reliable, cost-effective and completely contactless autonomous shopping for retailers and consumers around the world.
The company’s OASIS platform is a camera-only approach that does not require weighted shelves and can expand up to 10,000 square feet, enabling multiple consumer experiences including app, credit card, gated, or hybrid entrance. It also works with retailers across the world and has the most computer vision-powered autonomous storefronts.
As a matter of fact, Verizon has worked with AiFi to implement a store at The Indy 500 - all made possible by Verizon’s 5G. To give you an example, customers entered the NanoStore by scanning the app. Once scanned, the computer vision-technology around the store observes and tracks the items that a customer chooses. When customers are done shopping, they can exit and receive a receipt on their app or email within minutes. The company’s computer vision-technology has achieved an accuracy rate of 99% for a seamless customer experience without using facial recognition or storing biometric data.
AiFi’s Executive Team
The AiFi executive team has vast experience dedicated to building a bright future of retail: Co-founder and CEO Steve Gu and Co-founder and President Ying Zheng both have PhDs in computer science and have contributed to advanced technology for Apple and Google; CTO João Falcao is a technology enthusiast and serial entrepreneur specializing in computer vision and retail checkout systems; and CFO Dan Haarmann has more than 20 years of substantive experience in private, venture backed growth startups as well as large, multi-billion dollar public companies.
Verizon Ventures is always on the lookout for entrepreneurs building on the future of 5G. When I saw the product they were building, the potential also became clear, especially given Verizon’s advancements in 5G and MEC.
We’re delighted to support AiFi's team and vision as they accelerate the adoption of autonomous shopping solutions across businesses and redefine retail innovation.