SYDNEY – AI tech startup Tiliter has completed a $7.5 million capital campaign led by Investec Emerging Companies. Tiliter develops technology that uses computer vision to recognize products without barcodes.
Tiliter is currently focused on the supermarket vertical and its camera and software system uses AI to pre-select items and remove the need for manual entry, with over 99% accuracy and in under one second.
With retailers increasingly moving toward self-checkout and mobile-checkout options, Tiliter's technology makes it easier and faster for customers to complete transactions, reduce fraud, costs, and waste for businesses, and address the need for contactless purchases in a COVID-19 world.
"As an industry, we're just at the beginning of how AI combined with computer vision will shape the future for brick-and-mortar and online shopping,” said Marcel Herz, chief executive officer and co-founder of Tiliter. “It was important that we partner with investors that understand the new dynamics in retail innovation and the massive opportunity arising from this change.”
The company will use the latest funding to accelerate its expansion across Europe and the United States, with many supermarkets to unveil Tiliter's product recognition technology over the coming months.