Porto-based Reckon.ai, a SaaS startup, has raised €5.1M in a fresh funding round led by Iberis Capital.
Contentlockr
Private equity funds Alea Capital Partners and Touro Capital Partners also participated in this round.
Founded in 2017, Iberis Capital is a Portugal-based private equity and venture capital firm with over €600M in assets under management and a limited partner base of more than 1,250 investors.
“When considering a purchase, customers want to hold the products in their hands. Reckon.ai offers this possibility while maintaining autonomous shopping, anytime, anywhere. Moreover, these smart cabinets are both scalable and cost-efficient. That’s why we are proud to support the company in reinforcing their position in this expanding market”, comments João Henriques, Partner at Iberis Capital.
Fund utilisation
The investment is expected to accelerate global market expansion, advance its autonomous smart cabinet technology, and expand into new verticals.
Additionally, the funding will also help to boost research and innovation in Portugal over the next four years, enhance computing capabilities and expand the functionalities of the smart cabinets.
The company has raised a total funding of €8.5M.
“At Reckon.ai, our mission is to redefine how people interact with retail by making shopping seamless, intuitive, and accessible. This investment marks a pivotal moment for us, enabling faster global expansion and continued innovation in autonomous technology. We’re excited to bring the future of retail to more locations and industries, empowering businesses and delighting consumers along the way,” says Ana Pinto, CEO of Reckon.ai.
Reckon.ai: Seamless shopping experience
Founded in 2019 by Ana Pinto and Paulo Ribeiro, Reckon.ai has developed patented technology to transform simple product dispensing cabinets into smart cabinets.
The startup has developed smart cabinets that use artificial intelligence and computer vision to deliver smooth checkout-free shopping experiences.
Customers need to simply tap their card, open the door, pick up any products they like, and walk away – no need to stop and pay.
These patented systems eliminate the need for traditional checkout processes, enabling consumers to shop independently, anytime and anywhere.
Initially focused on food retail, the Portuguese company is now expanding into pharmaceuticals, cosmetics, and electronics, targeting strategic European markets and building traction in the United States.
Reckon.ai’s technology is currently used by large companies with retail operations, such as Jerónimo Martins (Pingo Doce), Carrefour, Sonae (Continente), IKEA, Rewe, Lekkerland and Petit Forestier, among others.
