CB Insights today named Scandit, the leading technology platform for mobile computer vision and augmented reality (AR) solutions for enterprises, to its inaugural Retail Tech 100 ranking, which showcases the 100 most promising B2B retail tech companies in the world.
The 2020 Retail Tech 100 cohort highlights startups reimagining the retail experience across 13 categories, from e-commerce infrastructure to supply chain automation and cashierless checkout. 21 countries represented this year include India, China, Canada, Singapore, and the United Kingdom, among others.
“The rate of change in retail is accelerating, and the Retail Tech 100 showcases the tech companies that are changing every facet of retail – from store automation to supply chain robotics to personalized merchandise discovery. Spanning 13 distinct technology markets, they address key challenges retailers face today while also helping them adapt and be ready for changing consumer habits,” said CB Insights CEO Anand Sanwal. “The honorees also underscore the fact that the best technologies driving retail transformation may come from anywhere as they hail from 21 countries ranging from Canada to Singapore to Brazil to Sweden. As we head into 2021, we are excited to see the impact the Retail Tech 100 will have on customers, retailers, and markets.”
“2020 has been a year of digital transformation in retail, which makes it all the more gratifying to be selected in this ranking. COVID-19 has accelerated many customers’ adoption of mobile computer vision technology to enable ‘scan and go’ and ‘click-and-collect’ solutions. These have the added benefit of creating a safer, socially-distanced environment for consumers and employees,” said Samuel Mueller, CEO of Scandit.
“On top of this, the surge in online shopping has led to a fundamental rethink of business models and a focus on enhancing processes with scanning capabilities for improved order fulfilment, last-mile delivery, and customer experience. We enable companies to rapidly deploy the highest quality enterprise-grade scanning onto smartphones and into the pockets of every employee and customer,” Mueller added.
Through an evidence-based approach, the CB Insights research team selected the Retail Tech 100 from nearly 15,000 applications and nominees, based on several factors including patent activity, business relations, investor profiles, news sentiment analysis, proprietary Mosaic scores, market potential, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Scandit is a unique computer vision and machine learning platform combining leading-edge barcode scanning, text recognition (OCR), object recognition, and AR for any camera-equipped smart device—from familiar smartphones to drones, wearables, and robots. The software is unmatched in terms of speed, accuracy, and the ability to scan in bad light conditions, at any angle and with damaged labels. Retail organizations use Scandit’s computer vision technology to create and power mobile apps or websites for mobile shopping, self-checkout, click-and-collect, inventory and shelf management, order fulfillment and proof of delivery.
Quick facts on the 2020 Retail Tech 100:
- The 2020 Retail Tech 100 startups have raised over $14B in total equity funding across 400+ deals from 700+ unique investors. Over half of these companies have raised funding in 2020 (as of 11/20), amounting to $4.7B in total.
- The list includes 19 unicorns (companies that have reached a valuation of $1B+) focused on a diverse range of retail tech solutions.
- There are 21 early-stage startups (seed/angel and Series A) in this year’s cohort.
- Majority of these companies are based in North America (59%), followed by Asia (21%), Europe (16%), and Latin America (4%). Among countries, the US leads with 55 companies.