Covington Advises Standard Cognition in Series B Preferred Stock Financing

PALO ALTO—Covington advised Standard Cognition in its $35M Series B Preferred Stock financing, led by EQT Ventures with participation from existing investors Initialized Capital, CRV, and Y-Combinator. This financing brings Standard’s total funding to date to more than $86M, and its post-money valuation to $535M, more than doubling its valuation from its prior round of investment just eight months ago.

Available to any retailer, the Standard Cognition solution allows consumers to shop and pay without waiting in line, scanning, or stopping to check out. The funding enables Standard to continue to focus on making its early customers in the U.S. and Japan successful while growing the team and expanding both domestically and internationally.

The Covington team included Tom DeFilipps, Mengxi Zhu, Yan Wang, and Balaji Giridharan. Assistance was also provided by Winslow Taub on intellectual property matters.