To beat Amazon Go, Standard Cognition buys cashierless DeepMagic
Valued at $535 million, autonomous retail startup Standard Cognition has emerged as a soon-to-be tech giant and the best hope for merchants to compete with Amazon Go. Cashierless checkout is poised to transform brick-and-mortar commerce, and shop owners fear having to battle Amazon’s technology alone or partner with it, exposing data it could use against them.
The $86 million-funded Standard Cognition is racing to equip storefronts with an independent alternative using cameras to track what customers grab and charge them. But Amazon’s early start in the space poises a risk that it could patent troll the startup. So today, Standard Cognition announced it’s acquired DeepMagic, a pioneer in autonomous retail kiosks.
“We’re not an aggressive company by any mean. My personal stance on patents is that maybe they’re not the way the world should work” says Standard Cognition CEO Jordan Fisher. “But given the larger player in the space, I think it’s the right thing to do so we have coverage and can protect ourselves.”
DeepMagic let customers swipe a payment card when entering a smaller kiosk or store, pick up items that are detected by cameras, and simply walk out while having their card charged. The idea
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