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Covington Advises Standard Cognition on $150M Series C Funding

Press Release

PALO ALTO—Covington advised Standard Cognition, which provides an autonomous checkout solution that can be quickly and easily installed in retailers’ existing stores, on its $150 million Series C funding led by SoftBank Vision Fund 2 with participation from existing investors CRV, EQT Ventures, and TI Platform Management, as well as new investors SK Networks, Kaiser Health, and others.

The funding enables Standard, whose technology has now been proven in multiple customer implementations, to execute at scale. The company is working with customers such as Alimentation Couche-Tard, Inc. (parent company of global convenience store brand “Circle K”) and Compass Group to outfit hundreds of checkout-free stores in 2021 and beyond, with a goal of more than 50,000 stores in the next five years.

The Covington team included Tom DeFilipps, Kevin Zaragoza, Stephen Bartenstein, Jennifer Saperstein, Michael Nonaka, Christen Sewell, Carolyn Rashby, Yuki Ku, Yan Wang, Vesta Parvaresh, Ana Duong, Hannah Lepow, Claire O'Rourke, Jonathan Wakely, and Caterina Benson.

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