Switzerland is home to a new unicorn: Scandit from Zurich was able to raise US$150 million in a recently concluded funding round. According to a press release, the company was valued at more than US$1 billion.
The recently concluded and “significantly oversubscribed” Series D funding round also saw strong participation from Scandit’s existing shareholder base. The round was led by Warburg Pincus, a global growth investor with headquarters in New York City which manages more than US$95 billion of private equity. “We see a huge opportunity for Scandit to cement its position as the global leader in smart data capture,” said Managing Director Flavio Porciani.
Scandit enables smart devices to capture data on the edge from barcodes, text, IDs and objects through computer vision. This allows for processes to be automated and insights be provided that enhance customer engagement and increase worker productivity.
Since its Series C funding round in May 2020, the company has more than doubled its annual recurring revenue and now has over 1,700 global customers including American Eagle Outfitters, Carrefour, FedEx, Levi Strauss & Co., Yamato Transport and Sephora. Scandit has also been providing data capture services to national health organizations such as the NHS in the UK to support Covid-19 programs and initiatives. Scandit plans to grow by another 50 percent by the end of 2022, with a particular focus on Asia and the Pacific.
According to Scandit’s CEO Samuel Müller, the new funding will allow his company to “help more businesses globally and to better empower an evolving mobile workforce meet new customer expectations and deliver increasingly automated operations”.
