Millennium Food-Tech (TASE: MIFT.L) today announced that it has completed a $10 million financing round with an Israeli developer of supermarket checkout scanning systems super smart.
Supersmart develops automatic AI systems for chain stores. As part of the financing round, Millennium Food-Tech will invest up to $5 million, together with other funds and investors. The current funding round will be used to support the company’s growth and expand its global customer base, as well as continue to roll out and expand sales to existing customers, while strengthening and expanding its existing technology, expanding product marketing to new areas, developing new products and hiring employees.
Millennium Food-Tech will invest $3 million in the first stage. It is the tenth investment since the Millennium Food-Tech R&D Partnership held its IPO 18 months ago on the Tel Aviv Stock Exchange (TASE).
Supersmart has developed technology that allows supermarket customers to install an app on their mobile devices that scans products at the time of purchase. At checkout, the customer passes the basket through the scanning unit, where cameras, artificial intelligence and load cells validate the contents of the basket in three seconds, add up the invoice and ensure that all products in the basket have been successfully scanned. . The technology allows the customer to pay via an app or a special payment terminal and receive their invoice slip directly on their mobile phone, then leave the store without having to wait in line at the checkout. The shopping experience is improved and the retailer is able to provide a more efficient and improved service and reduce merchandise losses due to theft and errors by 90%.
Supersmart, which was founded in 2014, has raised about $10 million to date, before the latest funding round, and has 40 employees in Israel. The company’s solution is fully deployed by numerous retailers around the world, including Metro, Edeka and Selgros, and installation has begun at major retail chains in the United States. In Israel, the Superstore system operates in the branches of the Osher Ad supermarket chain, which was the first to believe in the solution and installed it in all its branches, and in the Shuk Ha’Ir chain. The company’s solutions are installed at other customers, including in Germany, the Czech Republic, Turkey, Ukraine, Romania, Spain and Hungary. Another breakthrough is expected this year in the United States, where Supersmart has signed deals for several projects with leading chains.
Ofer Ilan, CFO of Supersmart: “The trust placed in us by Millennium Food-Tech, along with existing investors and the world’s leading retail chains, makes Supersmart a leading solution, enhancing the customer experience, an easy way to apply and through which checkout lines will become a thing of the past.We are leading the supermarket checkout revolution, which includes a technology application that prevents errors and theft.We are delighted with the installation of our technology in new markets around the world. Together with channel marketing, we can bring about and lead real change in the world of retail. The investment in question will help us as a company to continue the development of the product and expand into other markets.
Millennium invests in egg substitutes unit SavorEat Egg’n’up
Millennium creates the Food-Tech Innovation Center in the United States
Millennium Food-Tech, led by CEO Chanan Schneider and President Guy Rosen, specializes in personalized nutrition, protein substitutes, reduction of food waste and leftovers, smart packaging, artificial intelligence in the food sector and new food ingredients. The company has raised NIS 118 million to date.
Published by Globes, Israel business news – en.globes.co.il – on January 16, 2022.
© Copyright Globes Publisher Itonut (1983) Ltd., 2022.