Nomitri announces closing of €2.5M seed round led by Food Labs

Press Release: Retail AI startup Nomitri secures €2.5M funding for mobile-based AI self-checkout solution

• Seed round led by FoodLabs
• Expansion of commercial network and engineering team 

Berlin, March 2, 2022. Berlin-based AI startup Nomitri announces the closing of a €2.5M Seed round led by FoodLabs with prominent business angels from the tech retail space joining the round. Existing investors, such as renowned business angels and Family Offices also continue their support. With the fresh capital, Nomitri will expand its commercial network and strengthen its engineering team. 

Nomitri develops Edge and Embedded Visual AI solutions for retailers. With it’s mobile-based self-checkout solution and smartcart solution, the company helps brick and mortar retail create a personalized and data-driven customer experience. Customer centricity is Nomitri’s go-to-market strategy. 

“Securing this new funding is proof that the world is noticing us. We are happy to have the great FoodLabs team backing us on our mission to build products that make a difference to our customers and solve real problems in the retail space with our embedded AI solutions”, said Nomitri Co-founder and CEO Trinh Le Fiedler.

Nomitri’s mission is to bring previous online-only advantages to stationary retail for the first time. Offline shopping lacks real-time intelligence, customization and optimization. Nomitri enables retailers to gain deep insights into customers’ individual shopping behavior and to communicate with their customers in real-time. With Nomitri’s technology there is no more waiting at checkouts. Embedded AI deep-learning algorithms run directly on customers’ smartphones. Nomitri’s AI solution is asset-light, low cost, privacy preserving and can be set up in three days, no additional cameras, no sensors or hardware. Video data never leaves the customer’s device. 

The Smart Retail Market is estimated to be worth US$127.28bn by 2028, with a CAGR of 27.4%, and self-checkout solutions market alone comes with an estimation of US$5.9bn by 2026 and a CAGR of 11%. In-store innovation creates a unique shopping experience and demonstrably brings people who currently prefer to shop online back into brick-and-mortar stores. The Corona pandemic has further increased customers’ need for contactless and personalized shopping. 

„Right from the start we have been impressed by the proprietary technology as well as the outstanding expertise and commitment of the Nomitri team,“ said Patrick Huber, General Partner at FoodLabs. „The food retail revolution is just getting started, and we’re convinced that Nomitri’s AI technology can set new standards here.“

After a successful launch in November 2021 with German supermarket chain Edeka Lüning, Nomitri evaluated customer feedback. With an incredible approval rate of 97% among shoppers, Nomitri’s solution was well received.

Before starting Nomitri, Harvard-educated lawyer and ex-BCG Principal Trinh Le-Fiedler served as CFO of an AI startup. Her co-founders Max Fiedler and Moritz August, PhD have vast experience in the fields of autonomous systems and deep-learning AI research. In their pre-seed round, Nomitri received €750k from private investors and €1.3M in EU innovation grants. In 2021, Nomitri was named finalist for the German AI Award.