Israel's Trigo raises $60 million for smart checkout technology

JERUSALEM (Reuters) - Israel’s Trigo said on Monday it raised $60 million in a private funding round to help it meet demand for its technology that allows customers to shop without having to wait in line at a store’s checkout.

Trigo said businesses can install its computer-vision platform, including ceiling-mounted cameras that track customer movement and product choices, to make shopping “frictionless”. Payments and receipts are handled digitally.

Venture capital firm 83North led the funding round, which included previous investors like Tesco, Vertex Ventures Israel and Hetz Ventures. The company has now raised a total of $94 million.

Smart checkout technologies are expected to process nearly $400 billion in transactions by 2025, up from $2 billion this year, according to analyst house Juniper Research.

“The new funds will be used to scale the company’s ability to meet growing demand, boost R&D, and expand its global presence,” Trigo said, adding it was “working with leading retailers on the European mainland to open stores during 2021.”

Reporting by Ari Rabinovitch; Editing by Steven Scheer