Standard Cognition was founded in 2017 by Brandon Ogle, David Valdman, John Novak, Jordan Fisher, and Michael Suswal. The company has not publicly endorsed a plan to participate in an IPO. These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Standard Cognition is developing an automated checkout system for retail stores. The system uses a network of AI-powered cameras to track shoppers within a store, automatically charging them for what they purchase without them having to wait in line as in a traditional checkout process. The company has raised $235 million in venture capital funding from investors including SoftBank Vision Fund 2, CRV, EQT Ventures, TI Platform Management,Initialized Capital, Charles River Ventures, Draper Associates, and SK Networks. In a press release, Standard Cognition announced that a $150 million funding round had increased its valuation to more than $1 billion, making it the first unicorn in the automated checkout industry.