Scandit is joining the unicorns’ club after receiving $150 million during a Series D round led by Walburg Pincus, bringing the value of the Swiss company to exceed $ 1 billion. Scandit’s existing shareholder base also participated, including Atomico, Forestay Capital, G2VP, GV, Kreos Capital, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV, and Swisscom Ventures.
The company has been expanding the team since 2020. With the help of the team’s hard work, they are expecting to achieve 50% growth by the end of this year. The funding will hopefully enable the company to enter traditional industries smoothly and to make significant progress in future machine vision technology.
Scandit: Superpower Supplier
Founded in 2009, the Zurich-based start-up plays a crucial role in smart data collection. The company designs smart data capture software which is quite friendly with smart devices. This software enables a user to scan physical items to capture data transferring from barcodes, text, IDs, and any others. It reduces the effort of the user so that they can act on anything related to the object.
The automated data collection technology gets along not just with individuals but also businesses of any size. Collecting information with machine vision, the software enables companies to reduce costs and boost their team’s efficiency. This means one can put less effort during the data gathering or transferring process and so much work could be done in a shorter time with the generation of data-based insights.
The company’s development
To support its growth, Scandit raised almost $300 million in investments in total. The start-up has brought twice times more considering the annual revenue since the Series C round in 2020. The global customer network has now reached over 1700 international brands including American Eagle Outfitters, Carrefour, FedEx, Levi’s Strauss & Co., Yamato Transport, and Sephora. Scandit handles the needs of three of the world’s five largest courier companies with this technology of its. The company covers the bases in healthcare and manufacturing as well as in transportation, retail, and logistics.
Scandit is hoping for an increase of its effect in international foothold, especially in Asia. By the end of 2022, the aim is to reach 50% growth. The company intends to enhance its work on machine learning, artificial intelligence, and of course more on independent data collection. Scandit is planning to provide more benefit for its customers by supporting their business processes in the best possible way.
With Smart Data Capture, the start-up aims to help its customers focus on the decision-making process than spending time on collecting data. The platform’s founding purpose is to provide more faster and also accurate results automatically. In the near future, its goal is to reach a point to make it possible with any futuristic design like today’s wearable technologies.