Atomico, the venture capital company set up by Swedish billionaire Niklas Zennström, the cofounder of Skype, has backed a barcode scanning startup called Scandit in a $7.5 million (£6.2 million) funding round.
Founded in 2009 in Zurich by a team of PhD graduates and former researchers from ETH Zurich, MIT and IBM Research, Scandit has developed patented scanning technology that is designed to significantly decrease the amount of time it takes to scan a barcode.
Scandit doesn’t have an app of its own. Instead, it offers an SDK (software development kit) that allows other companies to integrate the Scandit technology into their apps.
A video on Scandit’s YouTube account shows a person using the Scandit iPhone app to quickly read and register barcodes, even when they’re damaged. The app can detect barcodes from “any angle” and “long range,” the company claims.
Scandit said it plans to use the investment to set up sales more offices across the US and Europe, and further develop its technology. The company currently serves the likes of The Co-operative Group, GE Healthcare, Home Depot, Macys, Shell, and Verizon.
Scandit CEO and co-founder Samuel Mueller said in a statement that “a handful of incumbents hold three-quarters of the market share” in the barcode scanning industry. He added: “Scandit offers power and flexibility that the existing players, despite their high price tags, simply cannot match.”
Teddie Wardi, announced as Atomico’s new partner on Tuesday alongside Carolina Brochado, said in a statement: “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.”
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