Intuitivo is an AI/Artificial Vision company based in Argentina that has just announced a US$7.8 million seed funding round. With this capital, it will seek to boost grab & go retail stores through its machine vision technology.
The round was led by Mercado Libre Fund, as well as Yavu Ventures, Sebastián Serrano, founder of Ripio, Patricio Jutard, founder of Mural, and César Melo, former president of Pepsico and Mondelez.
Grab & Go, the New Retail Experience
Intuitive wants to build a “seamless one-to-one shopping experience,” it said in a statement. To achieve this it will seek to “transform any fridge or cupboard into a smart grab & go.”
How does it work? All the customer has to do is arrive at the place where the product they need is sold, scan a code, open the shelf, grab it and leave; in other words, grab it and go, as the name implies.
To make shopping faster and easier, payment is automatic and contactless. To this end, Intuitive is already retrofitting refrigerators and different types of shelves that capture videos.
Intuitivo’s software is built with state-of-the-art computer vision algorithms, which accurately process consumer transactions. The company argues that its approach is different from Amazon Go or Zippin as they only use cameras, not scales or any other sensors.
Currently, Intuitivo already has more than 250 grab & go’s. The company claims to have the largest deployment of autonomous POS with an AI/artificial vision play in the industry.
The Argentina-based company was founded in 2019 by Tomás Manzitti, COO; Nicolás Parziale, CEO; and José Benítez Genes, CIO. Its clients already include Arca Continental, AB-InBev and Nespresso.
Intuitivo already has operations in the United States, Argentina, and Peru. In addition, it plans to install 10,000 grab & go points of sale in the next 18 months.
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