BGF Retail Invests 12.3 Billion KRW in US Unmanned Payment Technology Startup

[Asia Economy Reporter Lim Chun-han] BGF Retail has made an equity investment worth 12.3 billion KRW in the US unmanned payment technology startup 'Standard Cognition.'

According to BGF Retail's quarterly report on the 18th, it acquired 247,838 convertible preferred shares of Standard Cognition for 12.271 billion KRW. This corresponds to 0.97% of Standard Cognition's shares.

Standard Cognition possesses technology that enables automatic payment in unmanned stores through AI-based computer vision solutions. This year, it secured $150 million in Series C funding from SoftBank Vision Fund 2, and SK Networks also invested $25 million.

A BGF Retail official stated, “This is a proactive investment in promising overseas companies with advanced technology, considering mid- to long-term business relevance,” adding, “We are currently reviewing whether to introduce the company's technology domestically in the future.”

This content was produced with the assistance of AI translation services.