Scandit now unicorn with $150M funding to advance ID document scans, computer vision
Swiss startup Scandit has secured around US$150 million in Series D funding, valuing the firm at over $1 billion as it plans to continue developing its ID document scanning and other related technologies.
The oversubscribed funding round that was led by Warburg Pincus also saw the participation of existing Scandit shareholders such as Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, the Sony Innovation Fund and Swisscom Ventures.
The new funding will add to the company’s efforts in developing its data capture and scanning technology for digital ID documents using computer vision. Among its ambitions for future investments is to develop its autonomous data capture as well as bring in more talented workers to help advance the company’s international expansion plans, particularly in APAC.
The firm will pursue further developments with AI and ML for its computer vision software to be used in ever more settings such as robots, drones and wearables.
Scandit chief executive officer and co-founder Samuel Mueller comments, “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.”
After the funding round, Flavio Porciani, Managing Director of the lead funder Warbug Pincus said it was a pleasure to accompany Scandit through to its next phase of growth: “’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.’’
Scandit’s software enables data capture on smart devices in a faster and seamless manner, and the company is said to have about 1,700 customers making use of its solution in a good number of B2B and B2C services in different sectors including transportation and travel, manufacturing and logistics, and healthcare among others, including COVID-19 programs with the UK’s National Health Service.