Mashgin

Mashgin develops AI based self-checkout kiosks that can scan and identify goods placed inside it. The kiosks are equipped with cameras and computer vision technology to recognize multiple items in less than a second. It also has the ability to recognize non-packaged items (e.g. produce and prepared food).

Key customers and partnerships

The company announced that its Touchless Checkout kiosks have processed over 31 million transactions as of March 2022, while surpassing more than USD 260 million in global sales transactions. As of February 2024, there were over 3,700 locations using Mashgin, with deployments across cafeterias, sports arenas, micro markets, airports, and universities. Mashgin’s key customers include Major League Baseball (June 2019), Aramark (June 2019), HMSHost (July 2020), Delek US Holdings (August 2020), National Football League (January 2022), the global fuel retailer bp (March 2022), the American hospitality company Alterra Mountain Company ( January 2023 ) and Boise State University ( August 2023 ). In April 2023, Mashgin partnered with PDI Technologies , a developer of software solutions, to integrate its self-checkout system with PDI Technologies’ retailer accounting and reporting features, streamlining data manipulation and accounting reconciliation.

In January 2024 , Mashgin partnered with Keyo, a startup specializing in palm-scanning payment technology, to launch an AI-powered palm scanner solution for self-checkouts. The partnership integrates Mashgin’s AI-powered self-checkout technology with Keyo’s Wave palm technology to enable customers to complete transactions with a contactless scan of their palm. 

Funding and financials

In May, 2022, Mashgin raised USD 62.5 million in a Series B funding round led by global venture capital firm New Enterprise Associates, bringing the company’s total funding to date to USD 74.7 million. This elevated its valuation to USD 1.5 billion, raising it to Unicorn status. Existing Mashgin investor Matrix Partners also participated in the funding round.