SK Networks invests $25 mn in U.S. autonomous checkout solution startup

[Photo provided by SK Networks Co.]

SK Networks Co., the trading and retail arm of South Korea’s SK Group, will invest $25 million in U.S. cashierless checkout solution startup Standard Cognition as part of its bid to expand investment in AI, data and future industries.

SK Networks pledged $25 million in the $150 million round of Series C of funding for Standard Cognition led by SoftBank Vision Fund 2.

Standard Cognition is a California-based startup which provides an artificial intelligence computer vision platform enabling autonomous checkout for retailers. The company has recently worked with convenience store brand Circle K and Compass Group to open its first public stores at the University of Houston.

The completion of funding pushes the company in the ranks of unicorn. The company aims to open more than 50,000 checkout-free stores in the next five years through partnership with global retail customers.

By participating in the funding, SK Networks aims to discover new growth engines and expand partnerships with global leading technology firms.

SK Networks has been expanding investments in innovative areas since last year. The company made investment in a U.S. data center infrastructure fund and a U.S. venture capital fund backing technology-based bio startups.

At home, it has been investing in Korea’s fresh food early morning delivery pioneer Market Kurly since March 2018 and made investments in concert platform MyMusicTaste and payment tech startup CHAI last year.

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