SK Networks invests $25 million in US unmanned store automatic payment solution startup

[Asia Economy Reporter Ki-min Lee] SK Networks announced on the 23rd that it will invest $25 million (approximately 27.8 billion KRW) in the recent 'Series C' round raised by the U.S. retail store automated payment solution startup 'Standard Cognition' to develop technology and expand its market.

Standard Cognition is a startup leading the digital transformation of traditional retail stores through an unmanned automated payment solution using artificial intelligence (AI)-based computer vision. Recently, it collaborated with global convenience store brand 'Circle K' and Compass Group to launch official stores applying its technology at the University of Houston and other locations. With this funding round, Standard Cognition, which has grown into a unicorn company, plans to create more than 50,000 unmanned stores within the next five years by partnering with leading global retail customers.

Jordan Fisher, co-founder and CEO of Standard Cognition, said, "The retail industry worldwide is experiencing an unprecedented storm over the past decades due to competition with companies like Amazon and Walmart, compounded by the COVID-19 situation. Standard's AI-based solution is an easy and fast-to-install system that applies unmanned automated payment to existing stores, providing customers with an innovative shopping experience suited for the contactless era."

SoftBank Vision Fund led the Series C round of Standard Cognition. Through its investment participation, SK Networks plans to strengthen its network with global technology-leading companies and pursue growth engines and business partnerships related to future technologies and customer trends.

SK Networks has participated in global investments such as a U.S. data center infrastructure fund and venture capital funds related to AI and big data-based bio startups last year. Additionally, since March 2018, it has continued investing in the domestic fresh product e-commerce company 'Market Kurly,' and last year, it also invested in 'MyMusicTaste,' which promotes the global expansion of K-culture, and the fintech startup 'Chai,' which provides simple payment services.

Yoo Bong-woon, head of SK Networks Investment Management Center, stated, "We will expand our investment portfolio in AI and data analytics areas leading the future to secure advanced technologies and build partnerships with promising domestic and overseas companies, while striving to translate these efforts into investment returns and mid- to long-term strategic model achievements."