AiFi secured $65 Million in Series B funding

AiFi, a California based Artificial Intelligence platform that enables retailers to deploy and scale autonomous shopping solutions has now secured $65 million in a Series B funding round.

Aifi was founded by Steve Gu. It provides an AI platform that enables retailers to deploy and scale autonomous shopping solutions across their businesses. Using computer Vision, AiFi adapts to existing store formats without the need for shelf sensors and offers advanced tracking algorithms that can scale around 10000 square feet to support several shopper journeys such as credit card, app, hybrid or gated entry.

The AI startup works with top retailers across the globe such as Carrefour, Zabka Group, Compass Group and ALDI South Group.

Jeff Black, Managing Director at Verizon Ventures, said, "AiFi shares our passion for industry-leading innovation. Their technology - combined with the power of Verizon 5G and MEC - hold great possibilities for the future of retail. We look forward to supporting AiFi and their talented team."

Carlos Kokron, Vice President, Qualcomm Technologies, Inc. and Managing Director, Qualcomm Ventures Americas, said, "As demand for autonomous retail grows, and business intelligence continues to move from the cloud to the wireless edge, we are excited to support AiFi to help drive the connected, intelligent edge. We value AiFi's innovative approach to edge-computing and look forward to accelerating the deployment of AI-powered solutions that further improve operational efficiencies and elevate customer shopping experiences."

The round, which brings the total funding to $80 million, was backed by REWE, Qualcomm Ventures, LDI South Group, Verizon Ventures and Zabka Group.

Some other retail investors include Mithril Capital, HP Tech Ventures and ALDI South Group. The AI startup, as of now, has plans to use the new funds to expand its technical team and expand its business outreach, notes the announcement.