VisioLab is now cashing in worldwide: 11 million US dollars Series A
The Osnabrück-based startup VisioLab has closed a Series A financing round of around 11 million US dollars. The round was led by eCAPITAL Entrepreneurial Partners and Simon Capital. Existing investors such as High-Tech Gründerfonds, APX and the family office zwei.7 are also participating again.
The company intends to use the fresh capital to continue its international expansion, particularly in the USA, Australia and New Zealand.
AI replaces checkout, self-checkout via iPad
VisioLab is developing an AI-based solution for self-checkout in restaurants. The software automatically recognizes food. The highlight is that it is independent of whether it is packaged or loose and makes traditional checkout systems superfluous.
From the outset, our aim was to make technology so simple with the help of AI that it no longer feels like technology in operation. That's why we have gradually removed hurdles for users and operators
Tim Niekamp, CEO and Co-Founder VisioLab
The solution runs on a standard iPad. A photo is all it takes to register new products and the entire system is ready for use within a few minutes. VisioLab therefore significantly reduces both implementation effort and costs.
From everyday problem to scalable solution
The application addresses a problem familiar to almost everyone: long queues, staff shortages and complex checkout systems in canteens, stadiums and cafeterias. Instead of complex hardware installations, VisioLab offers a simple, ready-to-use system. Ordering, payment and processing are automated, without any scanning or manual input.
One million transactions per month
The figures show the rapid scaling: around 500 systems are in use worldwide, processing around one million transactions per month. The total transaction volume is just under 100 million US dollars. Even if the figures sound impressive at first glance, in the end there are an average of 2000 transactions per system.
Customers include teams from the NBA such as the Orlando Magic as well as organizations such as the Atlanta Falcons and Carolina Panthers. Global caterers such as Compass Group and Aramark also rely on the technology. In Germany, the system is already in use on many university campuses and in company restaurants of large companies.
The combination of pronounced customer focus, strong traction and international dynamics convinced us, and we see the company on its way to setting the global standard in the self-checkout sector.
Lucas Merle, Partner, eCAPITAL Entrepreneurial Partners
Business in the USA is growing particularly strongly: around 50 percent of sales already come from this market, with annual growth of over 1,000 percent. At the same time, VisioLab is further expanding its international presence and tapping into additional markets in Europe and Oceania.
Expansion and team building planned
Part of the funding will be used to expand the US business, which will be managed from Boston in future. At the same time, the company is investing in product development and expanding its team. The number of employees is set to increase from the current 25 to around 40, supplemented by new managers with experience at companies such as Klarna, SumUp and Google.
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