AND ELSEWHERE AUTOMATION HAS
BEEN GAINING STEAM FOR YEARS
NOW, BUT THE PANDEMIC PUT SOME
WIND BEHIND THE MOVEMENT TO
THINGS LIKE
SOCIAL DISTANCING. ONE COMPANY
STANDARD OFFERS A I POWERED A
TIME TO CHECK OUT AN AILING
AUTONOMOUS CHECKOUT FOR BRICK
AND MORTAR RETAILERS WITH AN AI
POWERED COMPUTER
VISION PLATFORM STANDARD
ANNOUNCING THAT IT IS RAISED A
150 MILLION DOLLARS FROM
SOFTBANK A C ROUND OF FUNDING
WHICH MEANS THE COMPANY
HAS OFFICIALLY REACHED AND THE
UNICORN STATUS AND JOINING ME
NOW IS JORDAN FISHER CO-FOUNDER
AND CEO OF STANDARD. I JORDAN
IT'S GOOD TO HAVE YOU WITH US
AND CONGRATULATIONS. IT'S ON
THIS ROUND. HELLO. I WANT YOU
TO EXPLAIN. HERE'S HOW YOUR
AUTOMATED CHECKOUT SYSTEM
WORKS.
>> YEAH ABSOLUTELY I IT'S IT'S
IT'S PRETTY EXCITING. IT'S
PRETTY COOL TECHNOLOGY AND WHAT
IT IS
IT'S IT'S ON THE SURFACE QUITE
SIMPLE, IT'S JUST A COLLECTION
OF CAMERAS THAT WE AND FALL
ONTO THE CEILING OF A STORE SO.
REALLY THE SAME TYPES OF
CAMERAS THAT YOU WOULD NORMALLY
SEE IN THE STORE. BUT THE MAGIC
IS THAT THERE'S INTELLIGENCE
BEHIND THE CAMERAS KEEP
YOUR VISION AND AND REALLY
WE'RE BUILDING
OUR FOOD SHAW INTELLIGENCE
THAT'S ABLE TO UNDERSTAND
WHAT'S HAPPENING IN THE STORE
SO THAT WHEN YOU WALK IN AND
PICK UP. YOU KNOW A BOTTLE OF
KETCHUP IN A JAR OF THE SYSTEM
KNOWS THAT AND THEN WHEN YOU
LEAVE THE STORE WE CAN
DISCHARGE YOU MUCH WHAT'S
AMAZING ABOUT THAT IS
YOU CAN SKIP THE YOU CAN SKIP
INTERACTING WITH CHECKOUT AND
REALLY JUST YOU KNOW SAVE
HOPEFULLY YOU KNOW FOR 5
MINUTES OF YOURS. EVERY DAY AND
JUST GET ON WITH YOUR LIFE.
>> OH MY GOSH AND TIME IS SO
VALUABLE WE KNOW THAT JORDAN
NOW MORE
THAN EVER ARE THERE COMPANIES
THAT YOU'RE ALREADY WORKING
WITH ON DEPLOYING THIS
TECHNOLOGY.
>> ABSOLUTELY YEAH, JUST A
SUMMER MONTHS AGO WE LAUNCHED 3
STORES WHICH WAS THE FIRST TIME
THAT MEANS ANY HAD
OF HER TAKING MULTIPLE STORES
AND TRANSFORMED THEM AND
DELIVER THIS NEW ECONOMISTS
CHECKOUT EXPERIENCE AT THE
EXISTING STORES. WE DID THAT
WITH COMPASS GROUP IN A FEW
DIFFERENT STATES. AS WELL AS IN
TORONTO, SO WE'RE SUPER EXCITED
ABOUT OTHER PARTNERS
TO THAT WILL BE ANNOUNCING THIS
YEAR AND IN PARTICULAR WHERE
WE'RE SUPER EXCITED THAT WILL
LUNCHING WITH CIRCLE K HERE IN
JUST A COUPLE OF MONTHS.
>> HOW IS THIS DIFFERENT FROM
WHAT AMAZON IS DOING WITH ITS
AMAZON GO STORES.
>> YEAH GREAT GREAT QUESTION
AND THERE'S THE CORE DIFFERENCE
REALLY YOU KNOW IT'S AN AMAZON
IS THAT WE'RE TAKING EXISTING
STORES
AND TRENCH FORMING AND REALLY
WE BELIEVE THAT THIS IS THE
ONLY WAY THEY'RE GOING TO GET
DISTRIBUTED ACROSS THE WORLD
AND IT'S A WAY AS POSSIBLE.
AMAZON IS BUILDING STORES FROM
THE GROUND UP WHETHER IT'S IT'S
THEIR OWN STORE OR IN
PARTNERSHIP WHICH WITH AN
INTERESTING AND THAT'S JUST
FUNDAMENTALLY GOING TO TAKE A
LONG TIME, BUT IT TAKES A LONG
TIME TO
BUILD OUT 60 STORES AND I WANT
THIS NOW SHOPPERS WANT THIS NOW
ARE GOING TO GET THIS ROLLED
OUT ACROSS THE WORLD REALLY YOU
KNOW OVER
THE NEXT 4, 5, 6 YEARS SO A
150 MILLION.
>> DOLLARS THAT'S A MAJOR RAISE
JORDAN, HOW ARE YOU GOING TO
USE THAT MONEY TO ROLL OUT THE
TECHNOLOGY.
>> GO
YOU KNOW WE WE'VE GOT A GREAT
TEAM WE'VE BEEN SUPER LUCKY
THAT WE RAISE WELL IN THE PAST
AND WE'VE GOT THE
BIGGEST TEAM IN THE STATES OR
PRODUCT IS THE MOST PICTURE BUT
YOU KNOW REALLY JUST OVER THE
LAST COUPLE OF QUARTERS AS THE
PRODUCT REACH THE SPACE WHERE
AS I SAID WE WOULD HAVE BEEN
ABLE TO ACTUALLY TRANSFORM
MULTIPLE STORES SUCH IT'S KIND
OF A WATERSHED MOMENT FOR THE
TECHNOLOGY FOR THE INDUSTRY AND
WE'RE REALLY EXCITED ABOUT
DOING NEXT IS IS GROWING ALL OF
THOSE TRADITIONAL PARTS OF THE
BUSINESS, YOU KNOW
HOW DO WE HOW DO THE OPERATION
ALLIES THIS HOW DO WE GO TO
MARKET FASTER HOW DO WE PARTNER
WITH RETAILERS MORE EFFECTIVELY
AND HOW DO WE JUST TAKE THIS
THIS REALLY AMAZING TECHNOLOGY
THAT THE TEAM HAS GONE SO FAR
IN TURN IT INTO A PRODUCT THAT
WE CAN ALL EXPERIENCE ACROSS
THE
WORLD SO YOU KNOW REALLY WHAT
WE'RE GOING TO USE ITS MONEY
FOR US IS GOING FAST AND
BUILDING UP THOSE TEAMS THAT
ARE GOING TO LOOK AT THIS MORE
QUICKLY.
>> SO I KNOW THAT WE'VE BEEN
SHOWING SOME VIDEO IMAGING
USING IT
WITH US SO WHAT ABOUT A SMART
WATCH OR A SMART DEVICE THAT IS
NOT A PHONE WILL IT BE
COMPATIBLE WITH THOSE.
>> YEAH I GREAT QUESTION AND
ULTIMATELY IF THIS IS ALL ABOUT
CONVENIENCE, SO IT'S GOING TO
BE ABOUT REACHING SHOPPERS THE
WAY THAT THEY WANT TO TO CHECK
OUT. DOESN'T ACTUALLY HAVE TO
BE WITH YOUR PHONE WORKING ON
METHODS WHERE YOU CAN JUST HAVE
A CREDIT CARD FOR EXAMPLE AND
SWIPE AND THEN AND THEN LEAVE.
WE'RE WORKING ON WAYS IN THE
FUTURE SAID YOU CAN STILL PAY
IN SMARTPHONES IT IT'S A GREAT
THERE'S OTHER IN ADDITION THE
STATES TO WITH.
YOU KNOW PALM READERS FOR
EXAMPLE AND YOU KNOW ULTIMATELY
WHAT WE WANT TO BE MAKING SURE
THAT WE'RE LISTENING TO
SHOPPERS AND WE'RE GOING TO BE
DELIVERING THEN THE EXPERIENCES
THAT ARE GOING TO MAKE THEM
MOST AS WELL AS MOST
CAN BE.
>> I KNOW YOU MENTIONED IT FOR
THE CONSUMER THIS COULD SAVE
THEM ON AVERAGE
45 MINUTES IN ANY GIVEN TRIP
JORDAN AT WHAT DOES IT SAY
BUSINESS IS IS THIS A MAJOR THE
COST SAVING INVESTMENT THAT
BUSINESSES CAN MAKE.
>> YEAH, I MEAN IT'S DEFINITELY
SOMETHING THAT YOU THINK OF
WHEN YOU
THINK ABOUT WE'VE BEEN SUPER
LUCKY THAT WE DON'T DO ANY
OUTBOUND SALES. WE JUST HAVE
RETAILERS REACH OUT TO US WE'VE
GOT HUNDREDS REACH OUT TO TALK
TO US IN THE LAST COUPLE OF
YEARS AND WHAT'S AMAZING ABOUT
THAT IS THEY THEY TELL US
WHAT'S IMPORTANT TO THEM
WHAT THEIR REALLY TRYING TO
OPTIMIZE HERE AND WHAT THEY'RE
TRYING REVOLUTIONIZE ABOUT THE
BUSINESS
AND ITS IT'S NOT REALLY ABOUT
COST REDUCTION IT'S ABOUT
DELIVERING THAT BEST-IN-CLASS
EXPERIENCE TO SHOPPERS.
IT'S ABOUT BRINGING MORE
SHOPPERS INTO YOUR HOPEFULLY
HAVING MORE REPEAT SHOP AND
EVEN EVEN GAINING MARKET SHARE
BOTH FROM OTHER PHYSICAL
RETAILERS BUT ALSO CALLING A
LITTLE BIT BACK FROM
FROM E-COMMERCE ESPECIALLY IN
URBAN SETTINGS I'M I'M IN NEW
YORK CITY HERE RIGHT NOW I GO
OUTSIDE YOU KNOW WITH MY WITH
MY MASK ON AND SHOP ONCE ONCE A
DAY YOU KNOW IT'S SO EASY TO
SHOP ACROSS
THE STREET. AND I THINK IN
SETTINGS LIKE THIS IN
PARTICULAR REALLY GOING TO SEE
A LOT OF ADOPTION OF
AUTONOMOUS CHECKOUT.
>> WHAT'S THE ACCURACY I RATIO,
JORDAN IS IT 100% I JUST WONDER
FOR SIR ITEMS OBVIOUSLY EACH
ITEM IS UNIQUE IN ITS OWN
DIFFERENTIATION FORM AND WENT
AND ALL OF THOSE THINGS HOW
ACCURATE CAN YOU GET THIS.
>> YEAH, I MEAN NOTHING'S EVER
100% ACCURATE. I THINK THE
IMPORTANT THING TO REALIZE IS
THAT STORES TODAY ORANGE 100%
SHARES MAKE MISTAKES, SHOPPERS
MAKE MISTAKES WHEN THEY'RE WHEN
THEY'RE DOING SELF-CHECKOUT
SOMETIMES THIS NIGHT AND THIS
TIME THE POS.
AND THIS IS ACTUALLY WHY THIS
IS SUCH A COOL TECHNOLOGY TO
APPLY TO RETELL I TEXT YOU VERY
MUCH ACKNOWLEDGE EAT A TON OF
THE OCCULT FOR EXAMPLE
BUT THERE'S THAT THERE'S A
BUILT-IN MARGIN FOR ERROR IN BE
TELLING RETAILERS CALL IT LOST
THEIR THEY EXPECT TO SEE SOME
ARE BETWEEN 2 TO 4%. JUST GO
FOR WHATEVER WHATEVER REASON
AND THAT GIVES US A LITTLE
BIT ABOVE AND WHERE WE'RE AT
TODAY WITH OUR OUR TECHNOLOGY
IS THAT WE'RE AS ACCURATE AND
SOMETIMES MORE ACCURATE THAN
THE STORIES WITHOUT OUR
TECHNOLOGY AND OF COURSE WHAT'S
GREAT ABOUT SOFTWARE IS THAT IT