Scandit hits $1bn valuation with latest funding
Scandit, a global leader in smart data capture, will invest in technology development and geographical expansion, especially in Asia, after completing a $150 million Series D funding round that valued the company in excess of $1 billion.
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.
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 to enable constant shelf visibility and empower more intelligent and efficient store operations.
The latest funding round was led by Warburg Pincus, a leading global growth investor with a track record of successfully scaling high growth companies, particularly in B2B software. The funding round 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.
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.
“The new funding will allow us to help more businesses globally and to better empower an evolving mobile workforce, meet new customer expectations and deliver increasingly automated operations. 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.”
Top name customers
Since its Series C funding round in May 2020, the Swiss-based company has more than doubled its annual recurring revenue and now has over 1700 global customers including Carrefour, FedEx, Levi Strauss & Co., Yamato Transport and Sephora.
In addition, 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, the company 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.
Scandit said it 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.
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.
Transforming enterprises with Smart Data Capture
Accelerated by the pandemic, expectations from employees and customers continue to increase with a preference for more digital experiences, Scandit underlined.
“Enterprises must address changing workforce dynamics to tackle ongoing labour shortages, the rise of gig economy workers, and empower existing employees. Customers increasingly seek contactless experiences, while businesses need to automate processes, gain new intelligence and increase efficiencies to meet these new needs,” it explained.
According to Scandit, traditional data capture tools, such as those enabled with general purpose scanners, have been unable to meet such requirements. Whether to digitally enable the mobile workforce or to enhance supply chain visibility, omnichannel fulfillment, store operations efficiency or asset tracking and maintenance, Scandit Smart Data Capture enables enterprises to address these new challenges with unmatched speed, accuracy and intelligence.
Flavio Porciani, Managing Director at Warburg Pincus, commented: ‘’Scandit’s smart data capture technology is transforming the way businesses operate and interact with their customers in an increasingly digital world and is strongly aligned with some of the biggest secular trends of our time, including enablement of the digital workforce and supply chain visibility.
“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. We are excited to have the opportunity to partner with the team at Scandit on the next phase of their ambitious growth strategy,” he concluded.