Scandit, the Smart Data Capture Leader, Announces $150m Series D Investment Led by Warburg Pincus
New funding will be used to develop tomorrow’s computer vision technologies to further transform traditional industries and processes
Zurich, Switzerland, 9th February 2022 - Scandit, the global leader in smart data capture, has completed a Series D funding round of $150 million at a company valuation in excess of $1 billion. The funding round was led by Warburg Pincus, a leading global growth investor with a track record of successfully scaling high-growth companies, particularly in B2B software. The funding round was significantly oversubscribed with strong participation from Scandit's existing shareholder base, including Atomico, Forestay Capital, G2VP, GV, Kreos, NGP Capital, Schneider Electric, Sony Innovation Fund by IGV[1] and Swisscom Ventures.
To date, Scandit has raised almost $300 million to fuel its global expansion, enabling smart devices to capture data on the edge from barcodes, text, IDs and objects through computer vision in order to automate processes and provide insights that enhance customer engagement and increase worker productivity. Since its Series C funding round in May 2020, the company has more than doubled its annual recurring revenue and now has over 1700 global customers including American Eagle Outfitters, Carrefour, FedEx, Levi’s Strauss & Co., Yamato Transport and Sephora.
Scandit has strengthened its leadership position in its core verticals - retail, transportation and logistics, healthcare and manufacturing - and today is trusted by three of the top five global courier companies and eight of the top ten US grocers. During the pandemic, Scandit has also been providing data capture services to national health organizations such as the NHS in the UK to support Covid-19 programs and initiatives.
Scandit plans to use the additional funding to further expand its global footprint and team with a particular focus on APAC, including Japan, Singapore and South Korea. Since the Series C funding, Scandit’s globally distributed team has increased by 85% with plans to grow by another 50% by the end of 2022. The investment will also be used to continue to drive expansion and innovation in core verticals.
Additionally, the funding will accelerate Scandit’s R&D to advance enterprises’ core business processes with an increased emphasis on AI/ML capabilities and autonomous data capture methods. Scandit Smart Data Capture platform will further augment the intelligence and decision-making of users leading to faster, more accurate and automated outcomes whether on a smartphone, wearables or via robots.
Transforming Enterprises with Smart Data Capture
Accelerated by the pandemic, expectations from employees and customers continue to increase with a preference for more digital experiences. Enterprises must address changing workforce dynamics to tackle ongoing labor shortages, the rise of gig economy workers, and empower existing employees. Customers increasingly seek contactless experiences, while businesses need to automate processes, gain new intelligence and increase efficiencies to meet these new needs.
Traditional data capture tools, such as those enabled with general purpose scanners, have been unable to meet such requirements. Whether to digitally enable the mobile workforce or to enhance supply chain visibility, omnichannel fulfillment, store operations efficiency or asset tracking and maintenance, Scandit Smart Data Capture enables enterprises to address these new challenges with unmatched speed, accuracy and intelligence.
Flavio Porciani, Managing Director at Warburg Pincus, said, ‘’Scandit’s smart data capture technology is transforming the way businesses operate and interact with their customers in an increasingly digital world and is strongly aligned with some of the biggest secular trends of our time, including enablement of the digital workforce and supply chain visibility. Already used by leading enterprises across multiple industries, by customers and end users all over the world, we see a huge opportunity for Scandit to cement its position as the global leader in smart data capture. We are excited to have the opportunity to partner with the team at Scandit on the next phase of their ambitious growth strategy.’’
Samuel Mueller, CEO at Scandit, said, “By following our original vision of using the camera on smart devices to interact with physical items, we are transforming the daily lives of customers, employees and businesses to enable enhanced, personalized experiences and achieve their digital transformation ambitions. The new funding will allow us to help more businesses globally and to better empower an evolving mobile workforce, meet new customer expectations and deliver increasingly automated operations. We are thrilled to have Warburg Pincus as our partner on the next phase of our growth journey. They bring a deep understanding of our business and software growth investing and a long track record of backing winning businesses.”
As an example of its innovation, last month Scandit launched ShelfView, a smart data capture and analytics solution for retail shelf management. Leveraging augmented reality, object recognition, optical character recognition and other innovative computer vision technology, ShelfView captures SKU-level product data via both mobile devices and autonomous robots to enable constant shelf visibility and empower more intelligent and efficient store operations.
[1] Innovation Growth Ventures Co., Ltd. (IGV) is managed by Sony Innovation Fund and Daiwa Capital Holdings
Resources:
-
New Investment Helps Enterprises Navigate Brave New World with Smart Data Capture
-
Accelerating Our Computer Vision Development with New Funding - and Entering the Unicorn Club
-
Scandit to Date: A Story of Evolution, Innovation and Determination
-
Scandit Launches ShelfView: Intelligent and Autonomous Shelf Management for Retailers
About Scandit
We’re the leader in smart data capture giving superpowers to workers, customers and businesses with unmatched speed, accuracy and intelligence. Scandit Smart Data Capture platform enables smart devices, such as smartphones, drones, digital eyewear and robots to capture data from barcodes, text, IDs and objects to automate and provide insights for end-to-end processes.
Scandit accurately scans data up to three times faster than dedicated scanners in challenging light or at angles, on damaged labels, across multiple codes, with any smart device. Scandit enables innovation that delivers significant cost savings, increases employee retention and customer loyalty. We partner with customers at every step with trials, solution design, integration and customer success support included.
Visit scandit.com to learn why market leaders across retail, transport and logistics, healthcare and manufacturing like Instacart, Levi’s Strauss, Sephora, NHS and FedEx trust us.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $73 billion in assets under management. The firm’s active portfolio of more than 235 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity and 2 real estate funds, which have invested more than $100 billion in over 1,000 companies in more than 40 countries. Since its inception, Warburg Pincus has supported more than 190 IPOs worldwide. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com. Follow us on LinkedIn.
