Scandit becomes unicorn in latest funding round

Swiss computer vision technology company Scandit has raised $150 million (£111m) in Series D funding, putting its value at more than $1 billion, making it a ‘unicorn’.

Scandit’s computer vision technology allows a computer to read and understand data on a variety of things from ID cards to parcels in parcel sortation systems. It works in the consumer space with smartphone apps and for businesses in things like parcel processing. A large part of the investment indeed, is to develop its business in autonomous data capture.

“We focus on enabling smart data solutions, which means any direct end user device whether it’s a smartphone or tablet, or a drone, anything that can use computer vision,” said CEO and co-founder Samuel Mueller in an interview. It also plans to use the funding to continue hiring more talent and expanding internationally.

Warburg Pincus led the round, with previous backers Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund and Swisscom Ventures all also participating. The company has now raised $300 million since it was founded.

The computer vision firm hasn’t reported its revenues or profits but has said that it doubled its recurring revenues since it last asked for $80 million in investment in 2020. It now has a range of customers in B2B and B2C spaces including the NHS and FedEx amongst others.

“There has been a sea change among enterprise customers looking at solutions like Scandit’s,” Mueller said, noting that eight out of the 10 bigger retailers in the U.S. are currently customers. “They’ve all moved away from traditional scanning equipment to embrace either smartphone-based data capture solutions, or BYO devices, because of lower costs and much more flexibility.”

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