What we do: Mashgin creates technology that allows computers to instantly recognize real-world objects. Their flagship product is a retail checkout kiosk that uses computer vision to detect what's placed in front of it, no barcode necessary. Why it's a big deal: The average American spends over five minutes in line at the grocery store. While grocery stores themselves employ over 800,000 cashiers. Mashgin has the potential to eliminate lines and the overhead of 800,000 employees; customers can place their groceries directly on Mashgin which simultaneously scans every item in the basket, checking out the customer in a manner of seconds. Think EZ-Pass for grocery store checkout.Mashgin's automated computer vision technology has the potential to fundamentally change the way consumers do their everyday shopping. It's no wonder they already have a $50 million letter of intent.
In case any of the 500 or so investors and journalists at the invitation-only event missed it, he repeated the statement again, speaking haltingly but with a wide smile that projected something approaching confidence. "That’s $50 million," he said. "U.S. dollars. Per month." His phone started vibrating in his pocket even before he finished his two-and-a-half minute pitch.
It can recognize the difference between a Fuji apple and a Honeycrisp. Did you mix 10 different items together into a salad? Not a problem, it can visually sort them out. Just place your tray in the kiosk, remove your hands, and it will automatically ring up your tray.
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