For trading technology startup ScanWatch, the initial 0.5 million EUR investment Business

“Over 60% of purchases in retail chains have shoppers with at least one bulk item in the cart. Selecting vegetables or fruits from the checkout menu creates an additional barrier for the consumer to use self-service checkouts smoothly and slows down the customer’s payment process, especially if there is more than one such item in the shopping cart, ”said Evaldas Budvilaitis, ScanWatch’s startup partner.

ScanWatch’s solution compares images of all scanned items with their codes, helping to prevent fraudulent changes to the labels of purchased items.

According to research, retail chains lose more than 1% a year due to deliberate cash fraud or unintentional errors. turnover, which is nearly $ 300 billion globally.

“Testing of our product in the major networks of the Baltic States has confirmed that incorrect product identification accounts for 0.92-0.95% of all products purchased at self-service checkouts. The solution of computer vision can easily solve these losses of traders, “said E. Budvilaitis.

The ScanWatch solution is based on computer vision, using camcorders in the cash register area and is 80 percent compatible. cash registers offered on the market.

E.Budvilaitis has almost 30 years of experience in the field of trade technologies. He was the founder and CEO of the technology company New Vision Baltija (now StrongPoint). This company was the first in the Baltic and Nordic markets to start implementing self-service cash register solutions. Linas Švaikauskas, who has no less trade technology experience and was previously in charge of sales at New Vision Baltija, and then StrongPoint Technology’s R&D division in Sweden and Lithuania, is responsible for ScanWatch’s business development.

See also  Controversy over the cancellation of blacklists for individuals and companies in banks ... and iScore are considering alternatives

“Today, there are more than a million self-service cash registers in the world. The cash register solutions market is valued at more than $ 8 billion. As retail moves towards autonomy and

automation, with stores completely abandoning cash registers, the influence of artificial intelligence technologies on trade will consistently increase, ”said L.Švaikauskas.

ScanWatch has become an investor and technology provider for Agmis, which is currently actively developing various artificial intelligence solutions. Agmis has been operating in the market since 2007, and is currently the first certified Salesforce representative in the Baltics in addition to artificial intelligence and software projects.

“This investment marks a new qualitative stage for Agmio’s operations, as we move from investing in software development for customers and developing our own products to investing in technological products developed by partners. We will expand our investment portfolio thus contributing to the development of the Lithuanian start-up ecosystem, ”said Saulius Kaukėnas, CEO of Agmi.

ScanWatch has already tested the solution in the Baltic and Central European countries. The company plans to expand and does not rule out the possibility of attracting additional investment.

“Press release” means newsletters created and distributed by news agencies, legal and natural persons about news about services, products, companies or institutions, etc. When deciding on the publication of content, UAB 15min takes into account the relevance of the information, the benefits to society, and the public interest. UAB “15min” is not remunerated for publishing this content. The editorial board has the right to edit, shorten, supplement, delete links and titles in the text.

See also  In the middle of the third wave and we have 20 million vaccines left over - El Financiero


Leave a Comment