Market Overview

Kraft Heinz Enters Cashierless Checkout Business With $12M Investment

Kraft Heinz Enters Cashierless Checkout Business With $12M Investment

Global food giant Kraft Heinz Co (NASDAQ: KHC)'s venture fund Evolv Ventures has invested $12 million in a cashierless checkout company, Zippin.

What Happened

Zippin combines computer vision, artificial intelligence and sensor fusion technology to create a checkout experience completely devoid of human interaction, the companies said in a press release.

Zippin's technology is already operational, most notably at a concession stand at the home of the NBA's Sacramento Kings.

As part of the $12-million Series A round led by Evolv Ventures, Zippin said it will accelerate new store launches across grocery stores, convenience chains, sports facilities, airports and more.

"We're excited to join Zippin's journey as these new formats become critical to the transition currently underway in retail," Smriti Jayaraman, principal at Evolv Ventures, said in a statement. 

"Zippin's technology also offers CPG brands, which have previously been at arm's length from the point of sale, a unique set of opportunities to participate in the customer journey."

Why It's Important

Companies like Kraft Heinz are interested in cashierless checkouts, as they represent an opportunity to get closer to the end consumer and better understand shopper behaviors and preferences, according to the press release. The consumer also benefits from a better shopping experience.

What's Next

Zippin has raised $15 million to date and said it will continue investing in product innovation, growing its technical team, expanding sales and seeking new partnerships, according to the company. 

Related Links:

Buffett's Rare Miss With Kraft Heinz – Great Quarter, Guys

16 S&P 500 Stocks With The Worst Analyst Ratings

Photo courtesy of Zippin. 


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Posted-In: Evolv Ventures food Food Companies ZippinNews Financing Startups Best of Benzinga

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