Home industry retail New York-based DeepMagic acquired by Standard Cognition

New York-based DeepMagic acquired by Standard Cognition

Retail

CIO Bulletin
2019-10-11

Standard Cognition is quickly working its way through the retail charts with its breakthrough technologies. Today, the company announced that it has acquired NY-based AI startup DeepMagic.

Bernd Schoner, co-founder and CEO of DeepMagic, said, “We’re thrilled that our technology will live on in the Standard platform. We’ve long admired Standard’s approach to autonomous checkout. They are currently leading this market and we believe they are well positioned to win big in this space.”

DeepMagic was co-founded by Bernd Schoner and Davi Geiger. Bernd Schnoer will join Standard Cognition in the capacity of a consultant. DeepMagic’s technology has been deployed in commercial systems across the U.S. and Europe. The company has many patents covering the various aspects of autonomous checkout technology.

Both Standard Cognition and DeepMagic are one of the leading players in the space. Jordan Fisher, the co-founder and CEO of Standard Cognition said that DeepMagic’s computer vision technology will fit well in Standard Cognition’s tech portfolio. “We’re excited to take the technology forward.”

Standard Cognition was recently recognized on Y Combinator’s Top Companies List for 2019. The company works with retailers all over the world.