By Adam Pease
A Swiss startup called Scandit, which offers what it describes as “smart data capture” for mobile devices, achieved $1B valuation after its recent round of funding. Its technology relies on computer vision to scan physical objects or other identifiers like barcodes and process information on the device itself. This blog discusses the valuation and what it may mean for the computer vision market.
Scandit represents one frontrunner in the race to develop edge solutions
What Is Scandit?
In its new Series D round of funding led by Warburg Pincus, Scandit secured $150M in funding to continue to develop its data capture computer vision solution. Unlike many other computer vision providers, which rely on cloud computing to process visual data, Scandit leverages edge devices. In other words, Scandit’s computer vision application runs on the device itself.
Scandit takes advantage of the widespread use of powerful mobile devices to enable a fast and streamlined set of computer vision tools. Its move takes advantage of the growing demand for “bring your own device” solutions that leverage employee smartphones to streamline the way work gets done. Smartphones are a flexible and lightweight enterprise solution, and Scandit represents one frontrunner in the race to develop edge solutions that are extensible for large organizations that must manage many visual processes.
Edge Computing and Augmented Reality (AR)
In its research last year about trends in the market, Aragon predicted that edge computing would be one pivotal area of growth for computer vision. This valuation goes to show that investors are recognizing the value of edge computing as a means of bringing computer vision to everyday life.
In Scandit’s case, the power of edge computing comes together with augmented reality to deliver a series of overlays that can support workers in day-to-day tasks. Scandit’s overlays, for instance, might be used to help retail workers quickly scan the barcodes on a shelf and ensure that the listed price matches the AR overlay. Features like this, which leverage the power of computer vision to deliver an immediate AR experience for the user, will doubtless continue to turn investor heads in the era of metaverse hype.
Bottom Line
Scandit’s valuation represents the growth of the development ecosystem around edge devices for computer vision, a key area of enablement for the computer vision market at large. Scandit is likely to face competition in its play to serve the barcode-reading and smart data market for retail, as it seems this market is poised to adopt computer vision as a fundamental business tool.