Smart shopping cart technology developer Shopic raised $35 million dollars in a Series B round led by Qualcomm Ventures. Shopic develops an A.I.-powered device that can be attached to any standard shopping cart, turning it into a smart cart. The device can identify and display the price of any item that's placed into the cart in real-time. Shoppers can also see an in-store map of aisles, as well as promotions and discounts for certain products. The system also acts as a self-checkout service; and for grocers, Shopic provides data-based insights into customer behavior and aisle. Raz Golan, founder and CEO of Shopic, joined Cheddar News's Closing Bell to discuss.  

Closing Bell

Smart Shopping Cart Technology Developer Shopic to Hit U.S. Market Soon, CEO Says

smart shopping cart. Technology developers shop pick raising 35 million in a series B round led by Qualcomm Ventures, the company develops an ai powered device that can be attached to any standard shopping cart turning it into a smart cart. Will the device can identify and display the price of any item that's placed into the cart in real time. And shoppers can also so see an in store map of aisles as well as promotions and discounts for certain products. System also acts as a self checkout service and for grocers shopping provides data based insights into customer behavior and I'll inventory. So joining me now is Ross Golan founder and Ceo of Shopping. Thank you so much for coming on the show. I know this automated, we're happy to have you. Um, it's becoming more of a crowded space here. Certainly more people trying to find ways to save money at the grocery store, especially these days and age. How does your technology set itself apart? Well, very basically, we don't build cars from scratch. We have created a device that connects to standard shopping cards and turning them into smart cards only when shoppers are using it. So we're basically allowing grocers to bring all the benefits of online shopping to their physical supermarkets, but without changing the operational overheads or the infrastructure in the store. So the deployment and maintenance is very easy and not expensive. Okay, so just to be clear eyes, this is something that the grocery store would pay for and add to the carts? Right? Not necessarily something that consumers would buy on their own and bring to the store, is that right? Exactly. Use the shopper when you get into the supermarket you will get one of these devices that the retailers are already set up for you, use it while you shop and return it before you leave the store. So for you as a consumer it would not cost any money. What's the price per device for these grocery stores? Well actual numbers are hard for me to to say, but we've actually built a very easy to deploy financial model as well and retailers basically pay a subscription fee per device per month and it includes both the software license and the hardware as a service as well so they don't need to purchase the hardware in advance and they just pay for the service. I'm just curious in terms of this $35 million dollar funding round Roz which congratulations again, how are you gonna use that money to expand the business? Well we have reached a point where we are now deploying our solution with the biggest groceries in the world and we are moving fast so basically it will allow us to even expedite those uh commercial expansions and just get two more stores more quickly. Uh And for that we need to support with more robust operations on our side uh and obviously also extending sales and marketing to reach more and more retailers around the world. So what stores, what grocery stores Roz can consumers find these devices in now? Yeah well um in Israel uh they can find it in the leading grocery chain in the country which is called Supercell. We're actively deploying to hundreds of stores with them also in latin America um in chile um I cannot disclose unfortunately due to non disclosure is the name of the chain but it's one of the largest in the world uh and very soon in the US as well in the coming month or two. How much on average do you think customers can save using one of these? Well it's all about the transparency, right so when you use it at the store you can see everything that you insert the card um right there on the screen so all the prices, promotions and coupons that you have available uh and obviously the running total are there in front of you the entire journey so you can decide how much you want to spend and you know if you want to take advantage of this promotion or not, is there any way to bring this technology into the e commerce world? Obviously people are still shopping in stores Roz but they're doing more and more shopping online as well. What might an e commerce solution look like for your company? Well we actually see it as an e commerce for physical stores so you know we build the experience very similarly as you would have it online um The capabilities are are again similar, but we are focusing entirely on the physical space, um, but by the way, the benefits are not only for the consumers as they have online, but also for the retailers as they can measure things online and you know, know exactly what is happening, Who clicked on, what, how much time they spent, what page? We're basically unveiling this data that was not available for them in the physical space. Roz. Very cool. I hope to see one of these in stores near me soon on the new york city area. That's Ross Golan. I like it. A founder and ceo of Shopping Rose. Thank you again.