Proving the Business Case for the Internet of Things

Scandit raises $30m to connect everyday objects

Steve Rogerson
August 2, 2018

Swiss company Scandit has raised $30m in series B funding to bring the IoT to everyday objects through computer vision and augmented reality.
Scandit provides an enterprise technology platform for mobile computer vision, barcode scanning and augmented reality. The funding round was led by GV, with participation from NGP Capital and existing investor Atomico, among others. Scandit previously raised $13m.
The new funding will enable Scandit to accelerate global expansion and further develop its mobile computer vision platform to support capabilities across any camera-equipped device. The funding will propel Scandit's long-term vision of bringing the IoT to everyday objects.
Scandit achieves this by harnessing smart devices and their commodity cameras as universal sensors through mobile computer vision and augmented reality (AR), leading to the seamless convergence of physical and digital worlds.
"Scandit delivers high performance across different smartphones by combining deep learning and machine learning with more traditional computer vision heuristics, creating an entirely new approach to computer vision applications for the enterprise," said Tom Hulme, general partner at GV. “Combined with the technical strength of the founding team, Scandit's mobile data capture platform is well-positioned to shape how enterprises and consumers interact with everyday objects and augmented reality.”
Companies in industries such as retail, transportation and logistics, manufacturing, and healthcare use Scandit's technology to create and power mobile apps for enterprise workflows such as mobile point of sale, mobile shopping, self-checkout, inventory management, and proof of delivery. Over recent years, the digital transformation opportunities offered by Scandit's mobile computer vision technology platform have resulted in a consistent doubling of growth and hundreds of leading brands as clients, including Sephora, Louis Vuitton, DHL and Levi Strauss.
"We're thrilled to have GV and NGP Capital as partners. Both have a deep understanding of the opportunities that exist for advanced mobile computer vision," said Samuel Mueller, CEO of Scandit. "This new funding will enable us to keep up our rapid growth, but also, looking at the bigger picture, it's going to increase the overall adoption of mobile computer vision and augmented reality in the enterprise, which will help to streamline operations and lead to cost savings."
Scandit has gone beyond barcodes, smartphones and tablets by enabling the capturing and decoding of text, objects and other visual identifiers using wearables, drones, robots or stationary cameras. In doing so, Scandit extends the IoT to everyday objects by allowing them to be identified, tracked and superimposed with relevant digital information without requiring them to have a computer chip embedded or be connected online.
"The Scandit team has demonstrated great execution, ingenuity and persistence since founding the company," said Bo Ilsoe, partner at NGP Capital. “As a team of world-class entrepreneurs, we are very proud to back Scandit in the next phase of their journey.”
Not only does Scandit reinvent how users scan and what they scan, but it also opens possibilities for filtering what's been scanned. This makes it possible to bring the online experience into the real world so users can see beyond objects and get valuable information to help make smarter decisions.
For example, retailers can use Scandit's mobile MatrixScan to scan an entire shelf at once and see real-time inventory data on the display via augmented reality overlay; transportation and logistics enterprises can read multiple packages in a single scan and have a specific package with special instructions highlighted on the screen; and consumers can scan a shelf at a grocery store and quickly identify items that are vegan or lactose-free.