Amazon cashierless tech competitor Grabango shutters after failing to secure funding
Grabango, a venture-backed startup that was vying to take on Amazon in cashierless checkout technology, is shutting down after it was unable to raise enough money to stay afloat.
"Although the company established itself as a leader in checkout-free technology, it was not able to secure the funding it needed to continue providing service to its clients," a spokesperson said in a statement to CNBC on Wednesday. "The company would like to thank its employees, investors, and clients for all their hard work and dedication."
Launched in 2016, Grabango was developing checkout-free technology that uses computer vision and machine learning to track and tally up items as shoppers grab them from store shelves. Will Glaser, Grabango's founder and CEO, is a longtime Bay Area technologist who cofounded music streaming service Pandora.
Grabango raised just over $73 million, Pitchbook data shows, with its most sizable financing round coming in 2021, before the market turned. In June of that year, Grabango raised $39 million in a round led by Commerce Ventures, with participation from Peter Thiel's Founders Fund as well as the venture arms of Unilever and Honeywell .
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