Scandit, the global leader in smart data capture, has completed a Series D funding round of $150 million at a company valuation in excess of $1 billion. The funding round was led by Warburg Pincus.
To date, Scandit has raised almost $300 million to fuel its global expansion, enabling smart devices to capture data on the edge from barcodes, text, IDs and objects through computer vision in order to automate processes and provide insights that enhance customer engagement and increase worker productivity. Since its Series C funding round in May 2020, the company has more than doubled its annual recurring revenue and now has over 1700 global customers including American Eagle Outfitters, Carrefour, FedEx, Levi’s Strauss, Yamato Transport and Benetton Group.
Scandit has strengthened its leadership position in its core verticals - retail, transportation and logistics, healthcare and manufacturing - and today is trusted by three of the top five global courier companies and eight of the top ten US grocers. During the pandemic, Scandit has also been providing data capture services to national health organizations such as the NHS in the UK to support Covid-19 programs and initiatives.
The Series D funding round led by Warburg Pincus was significantly oversubscribed with strong participation from Scandit's existing shareholder base, including Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV and Swisscom Ventures.
Scandit plans to use the additional funding to further expand its global footprint and team with a particular focus on APAC, including Japan, Singapore and South Korea. Since the Series C funding, Scandit’s globally distributed team has increased by 85% with plans to grow by another 50% by the end of 2022. The investment will also be used to continue to drive expansion and innovation in core verticals.
As an example of its innovation, last month Scandit launched ShelfView, a smart data capture and analytics solution for retail shelf management. Leveraging augmented reality, object recognition, optical character recognition and other innovative computer vision technology, ShelfView captures SKU-level product data via both mobile devices and autonomous robots (picture above) to enable constant shelf visibility and empower more intelligent and efficient store operations.
Additionally, the funding will accelerate Scandit’s R&D to advance enterprises’ core business processes with an increased emphasis on AI/ML capabilities and autonomous data capture methods. Scandit Smart Data Capture platform will further augment the intelligence and decision-making of users leading to faster, more accurate and automated outcomes whether on a smartphone, wearables or via robots.
Flavio Porciani, Managing Director at Warburg Pincus, said, ‘Already used by leading enterprises across multiple industries, by customers and end users all over the world, we see a huge opportunity for Scandit to cement its position as the global leader in smart data capture.’’
Samuel Mueller, CEO at Scandit, said, “By following our original vision of using the camera on smart devices to interact with physical items, we are transforming the daily lives of customers, employees and businesses to enable enhanced, personalized experiences and achieve their digital transformation ambitions. We are thrilled to have Warburg Pincus as our partner on the next phase of our growth journey. They bring a deep understanding of our business and software growth investing and a long track record of backing winning businesses.”
(Press release / SK)
Photo: Scandit Shelfview
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