Scandit Secures $7.5m Series A Round From Atomico11.01.2017 07:30
ETH spinoff Scandit, the data capture innovator, has closed a $7.5m Series A funding round with Atomico, the leading global venture capital firm based in London and founded and led by Niklas Zennström.
The investment enables Scandit to further develop its software-based, hardware agnostic data capture platform and cloud services. The company also plans to expand its international footprint with new sales offices across the US and Europe.
Welcoming the investment, Scandit CEO and co-founder Samuel Mueller said: “Atomico is the perfect partner for us. They share our belief that the right product, backed by a team of innovative, dedicated people can change an entire industry. That includes an industry where a handful of incumbents hold three-quarters of the market share.
“Scandit offers power and flexibility that the existing players, despite their high price tags, simply cannot match. That’s due, in part, to our ecosystem of software and cloud services – including the Scandit Flow platform. Its versatility, combined with the efficiencies and cost savings associated with Scandit’s data capture solutions, is what our customers love and what enables them to fundamentally transform their businesses through the use of smart mobile solutions.”
Teddie Wardi, Partner at Atomico, said: “What Samuel and his team have achieved is testament to a winning combination of an exceptional product and team. They are exactly the kind of founders we look for, who have built a company that, through disruptive technology, is ready to expand and become a global category leader. We’re excited to partner with Samuel and the team as they develop their stronghold.
“There is a wave of founders and engineers in Europe using deep technology to unlock huge value in traditional sectors. Scandit is bringing that vision to life and we can’t wait to see what’s next.”
Scandit was founded in 2009, by a group of PhD graduates and former researchers from ETH Zurich, MIT and IBM Research. They realized that modern off-the-shelf smart devices, running sophisticated software algorithms, could replicate, and even exceed, the capabilities of dedicated data capture systems at a fraction of the cost. The founders saw that their innovative approach to data capture was capable of serving enterprise, employee and consumer applications.
Research carried out by Scandit, based on publicly available pricing data, found that legacy scanners offered by industry incumbents have a total cost of ownership (TCO) up to 5x higher than a Scandit-based system.
Today, Scandit is transforming the business operations of multinational companies, lowering TCO and establishing real-time operational visibility across healthcare, retail, logistics, manufacturing and government. Key clients include Coop group, GE Healthcare, Home Depot, Macys, Shell, PostNL and Verizon.
Scandit’s product portfolio has expanded beyond its successful Scandit Barcode Scanner software development kit (SDK), which allows companies to add scanning functionality to their own apps.
Enterprise customers can now select from a variety of workflow-based data capture solutions that best suit their business, such as proof of delivery, inventory management and order entry – all built on Scandit’s Flow platform, an array of powerful, customizable mobile development tools and cloud services, which facilitate large-scale mobile data capture on smart devices and deliver real-time operational visibility into enterprise business processes.