Accel Robotics Company Profile

Background

Founded in 2015 and headquartered in San Diego, California, Accel Robotics specializes in developing AI and computer vision technologies to enable checkout-free shopping experiences. The company's mission is to revolutionize the retail industry by providing seamless, frictionless shopping solutions that enhance customer convenience and operational efficiency.

Key Strategic Focus

Accel Robotics focuses on delivering camera-based AI systems that allow shoppers to enter a store, select desired items, and exit without traditional checkout processes. This technology is applicable across various retail formats, including grocery stores, convenience stores, quick-service restaurants, and drugstores. The company's primary markets include North America and Japan, where it collaborates with leading retail chains to deploy its solutions.

Financials and Funding

As of December 2019, Accel Robotics had raised a total of $37 million in funding. This includes a $30 million Series A round led by SoftBank Group Corp., with participation from New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures. The capital is intended to accelerate global expansion, enhance manufacturing capacity, and streamline deployment pipelines.

Pipeline Development

In May 2021, Accel Robotics launched its first autonomous store, Valet Market, in San Diego's East Village. The 1,500-square-foot store offers locally sourced products and utilizes advanced technologies such as computer vision, shelf-level sensors, and AI to track items as customers remove them from shelves. The company plans to open at least 10 Valet Markets in San Diego, with additional deployments in universities, military bases, gas stations, sports arenas, pharmacies, and convenience stores.

Technological Platform and Innovation

Accel Robotics' proprietary technology integrates AI, machine learning, and computer vision to create a seamless shopping experience. The system employs a network of cameras and sensors to monitor store activity, enabling real-time inventory tracking and shopper analytics. This approach eliminates the need for barcodes, as products are identified based on visual appearance.

Leadership Team

Brandon Maseda, Co-Founder and CEO: Leads the company's strategic vision and operations.

Martin Cseh, Co-Founder: Contributes to the company's technological development and innovation.

Dr. Ron Khormaei, Vice President of Engineering: Oversees the advancement and commercialization of Accel Robotics' technology platform. He brings experience from previous roles at Ossia, Clarisonic, and HP.

Jeff Hermann, Senior Director of Product Management: Focuses on expanding the company's product offerings and managing the product management team. His background includes positions at Fox Factory, Inc., and Entegris, Inc.

Leadership Changes

In December 2020, Accel Robotics expanded its executive team by appointing Dr. Ron Khormaei as Vice President of Engineering and Jeff Hermann as Senior Director of Product Management. These additions aim to strengthen the company's market leadership in next-generation, checkout-free stores.

Competitor Profile

Market Insights and Dynamics

The market for AI-driven, checkout-free retail solutions is rapidly growing, driven by consumer demand for convenience and efficiency. The adoption of such technologies is transforming the retail landscape, with significant investments and deployments occurring globally.

Competitor Analysis

Zippin: Founded in 2014, Zippin offers AI-powered checkout-free solutions for retailers. The company has raised approximately $44.7 million in funding and operates in the business intelligence industry.

Standard AI: Established in 2017, Standard AI provides autonomous checkout technology for retailers. With around $237.9 million in funding, the company focuses on sales enablement software.

Grabango: Founded in 2016, Grabango develops checkout-free technology for existing stores. The company has secured about $82.3 million in funding and competes in the retail technology sector.

Strategic Collaborations and Partnerships

Accel Robotics has engaged in partnerships with various retailers and brands to deploy its frictionless commerce platform. Notable collaborations include deployments with grocery, convenience, quick-service restaurants, and drugstore chains in North America and Japan.

Operational Insights

By eliminating traditional checkout processes, Accel Robotics enhances shopper satisfaction and provides retailers with valuable data streams, such as live inventory and shopper analytics. This approach allows retailers to operate more efficiently and adapt to evolving consumer preferences.

Strategic Opportunities and Future Directions

Accel Robotics aims to expand its global presence by increasing manufacturing capacity and streamlining deployment pipelines. The company plans to open additional autonomous stores and explore new retail environments to deploy its technology, positioning itself as a leader in the checkout-free retail space.