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Reckon.ai

Category: Computer Vision

Reckon.ai provides an AI-powered operating system (Reckon OS) that transforms existing retail hardware like vending machines and cabinets into smart, autonomous, checkout-free points of sale. Reckon.ai was founded in 2017. The company is led by Rutger Planken. Based in Porto, Portugal. Team size: 11-50. Total funding raised: €8.5 million. Latest round: Series A. Key investors include Iberis Capital, Alea Capital Partners, Touro Capital Partners, Armilar Venture Partners, Portugal Ventures.

Founded
2017
Headquarters
Porto, Portugal
Team size
11-50
Total funding
€8.5 million

Value proposition

To offer a frictionless 'grab and go' shopping experience by converting any retail point of sale into an autonomous store. This allows for scalable and cost-efficient deployment, enabling customers to physically interact with products before purchase without the need for a checkout process.

Products and solutions

Reckon OS: An AI-powered operating system for autonomous retail., Smart Lockers/Cabinets: AI-powered smart cabinets that enable grab-and-go purchases., Autonomous Micro-Stores: Fully automated, small-format retail stores powered by Reckon's AI.

Unique value

The company's core innovation lies in its hardware-agnostic AI platform (Reckon OS) that leverages computer vision and sensor fusion. Unlike competitors who often build proprietary hardware, Reckon.ai focuses on an intelligence layer that can retrofit and transform existing infrastructure into autonomous assets.

Target customer

Retailers, Original Equipment Manufacturers (OEMs) of vending machines/smart coolers, and Food & Beverage companies.

Industries served

Retail, Food and Beverage, Automated Retail (Vending)

Technology advantage

Reckon.ai's key advantage is its patented, flexible, and scalable AI technology that is more intelligent than simple sensor-based systems. This provides a cost-effective and rapid way for retailers and OEMs to enter or expand their presence in the autonomous retail market without needing to replace their existing hardware.

How they differentiate

Reckon.ai differentiates itself by using its patented AI and computer vision technology to turn existing retail infrastructure, such as refrigerators and shelves, into smart, autonomous points of sale. This focus on retrofitting existing assets, rather than requiring the construction of entirely new autonomous stores, makes the technology more accessible and scalable for retailers.

Main competitors

Trigo, Grabango, SandStar

Key partnerships

Armilar Venture Partners, NOS 5G Fund, Portugal Ventures, Iberis Capital, Alea Capital Partners, Touro Capital Partners

Notable customers

Jerónimo Martins (Pingo Doce), Carrefour, Sonae (Continente), IKEA, REWE, Lekkerland, Petit Forestier, Unilever

Major milestones

Raised a total of €8.5 million in funding., Secured a €5.1 million funding round to accelerate global rollout., Expanding operations into the European and Middle Eastern markets., Developed and patented its AI technology for autonomous retail.

Growth metrics

As of early 2024, Reckon.ai was reported to have reached $1.6 million in revenue with a team of 25 people.

Market positioning

Reckon.ai is positioning itself as a key technology provider in the autonomous retail market, aiming to democratize 'grab-and-go' shopping experiences. They are a growing startup with significant funding, focused on becoming a leading supplier for retailers in their target markets.

Geographic focus

Reckon.ai's primary geographic focus for competition and expansion is Europe and the Middle East.

Patents and IP

Reckon.ai has been granted a European patent for its core technology that powers its AI-driven smart cabinets. The company's technology was previously described as 'patent-pending'.

About Rutger Planken

CEO of Reckon.ai. Previously EVP & GM Europe at 365 Retail Markets, with a successful tenure at Unilever including Global Director roles. Also held roles at Spil Games and TomTom.

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