Mashgin Raises $62.5M Series B Financing
Gunderson Dettmer represented client Mashgin, a developer of an AI-powered self-checkout system, in its $62.5 million Series B financing led by New Enterprise Associates that brought the company’s valuation to $1.5 billion. Mashgin’s smart kiosks use computer vision AI that identifies packaged products and foods on a plate, enabling customers at retail stores, stadium concessions, and cafeterias to pay-and-go faster than at a traditional cashier. The new capital will be used by the company to grow its team and accelerate international expansion.
In the announcement of the transaction, CEO of Mashgin Abhinai Srivastava said, “We understand that 75% of retail is still offline. When retailers use our technology, in many cases the sales go up by a huge margin just because there are no lines anymore.”
The Gunderson deal team was led by Mike Heath and included Nick Feldman, Brent Armitage, Rajan Patel, and Young Park.