London-based private equity firm ADM Capital Europe’s Cibus Enterprise Fund (Cibus) has invested in US-based retail technology provider Adroit Worldwide Media (AWM).
Technology has reached the point where supermarkets can retrofit their stores with cameras, smart shelves and sensors which provide sufficient data for more efficient shelf stacking, checkout-free shopping, optimising inventory levels and logistics which improve waste reduction. This so-called “frictionless retailing” also enables new formats of stores such as small “hyper-local” stores in a college campus or office building. According to a recent report by Google Cloud, application areas for AI and Machine Learning in physical retail have the potential to drive between USD280-650 billion in value within three years.
AWM, based in Aliso Viejo, California, provides a suite of products for retailers that includes AWM Frictionless, a check-out free technology that enables shoppers to walk into a store, remove products off the shelves and leave the store without any need to either scan purchases or go through a checkout line. Digital weight-sensing shelves also enable targeted advertising and dynamic pricing.
Alastair Cooper, Head of Venture Investing at ADM Capital Europe, says: “Physical retailers are coming under renewed pressure that requires digital transformation to compete better with online players. With recent advancements in machine learning and computer vision, the retail sector is set to undergo monumental disruption. We are thrilled to partner with Kevin and his team at AWM who have developed a number of technologies that can be implemented in a wide range of store sizes and formats, from micro-markets to convenience stores and larger-format retailers.”
Read more/Source: Private Equity Wire
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