The startup has developed an AI-powered smart cart that automatically tracks grocery items as they are added or removed, utilizing product recognition and integrated weighing technology to update the total bill in real-time. This solution enhances checkout efficiency and provides retailers with insights into customer behavior and product performance, ultimately reducing loss and improving inventory management.
Funding
$8.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional self-checkout systems often lead to frustrated shoppers, smaller basket sizes, increased shrink, and ineffective advertising, failing to provide a personalized and engaging in-store experience. Retailers struggle to reclaim lost revenue due to shoppers' inability to locate products and miss opportunities to leverage loyalty data for targeted promotions at the point of purchase.
Solution
Veeve offers an AI-assisted shopping platform that retrofits existing shopping carts with a "Connected Screen" to provide an immersive and personalized experience for in-store shoppers. The platform combines the power of retail apps with an intelligent screen that delivers location-relevant content, promotions, and loyalty-based offers directly to the shopper at the aisle and shelf. By leveraging computer vision and sensor fusion, Veeve's solution facilitates contactless checkout, reduces transaction times, lowers operational costs, and enables retailers to track shopper behavior and deliver targeted retail media. The modular and headless platform integrates seamlessly with existing retailer systems, offering a cost-effective way to increase shopper satisfaction, basket sizes, and revenue streams.
Target Audience
The primary target audience includes grocery retailers seeking to enhance the in-store shopping experience, increase basket sizes, reduce shrink, and leverage retail media opportunities, as well as retail brands looking to engage shoppers with personalized promotions and offers.
Features
- Retrofit design compatible with existing shopping cart fleets
- AI-powered product recognition and integrated weighing technology
- Aisle-aware deals and promotions delivered via the Connected Screen
- Interactive store map and product location services
- Contactless checkout with built-in payment reader supporting EMV and end-to-end encryption (E2EE)
- Real-time personalization based on shopper location and loyalty data
- Integration with retailer apps to display clipped coupons, shopping lists, and loyalty rewards
- Weather-resistant design for carts in parking lots
- Theft-resistant GPS tracking for cart location indoors and outdoors
- Battery with up to 48-hour life and smart swapping technology
- Backend integration with store catalog, deals & coupons, and digital planogram