Unmanned stores or automated retail are the reality of shopping now. Korean startup Tricubics Inc. is set to launch an Artificial Intelligence-based solution for retail services so the unmanned retail check-out kiosks can be operated with greater efficiency and at a lower cost. Tribucis aims to become a provider for Korea’s ‘Amazon Go’ styled innovation tool for distribution.
AI-module to be more accurate and less costly
In South Korea, the trend of unmanned, fully automatic check-out kiosk stores has been operational a few years. Retail companies like E-Mart 24 and 7-Eleven have been operating 24-hour stores with unmanned check out points. In this automated retail service set up, customers can walk in and buy products they want and do self-checkout sans any physical presence of a cashier. This setup has reduced cost of wages for the retailers to quite an extent and also consumers can use the services 24-hours, without much waiting for checkout.
Tricubics has developed a technology which can further ease the process of self-checkout using Artificial Intelligence. The AI module provides a more cost-effective solution compatible with both hardware and software functioning of the distribution.
The startup wants to launch its AI-based unmanned service by the end of 2019. The company’s business model is to begin by getting a section for the new technology machine in an existing store, much like an ATM zone in a bank. The startup estimates the cost of the unmanned technology to be $30k per store with $12k as royalty cost applicable over a five-year period.
Company looking for initial funding to launch the product in 2019
In South Korea, many convenience stores and supermarkets have adopted the unmanned stores, and by adding AI-based machines, stores can increase customer satisfaction and decrease costs further. Tricubics claims its AI-solution is much more accurate and cost-effective than the current methods. Tricubics is looking for $2 million for Research & Development cost to release its first AI-based unmanned store in S. Korea. The startup wants to work with “Korean convenient stores” for commercializing their technology. The company is expecting to have $17 million in revenue in 2020.
Tricubics was founded in 2013 by an innovative team with deep experience in computer vision, 3D graphics, and various software. Tricubics was founded as a company to develop various applications for mobile 3D modelling and mobile 3D rendering. The startup’s CEO and founder Jason Kim has over 25 years of vast experience in entrepreneurship and technology. The company’s headquarters is in Seoul and it has another office in San Jose, California, USA.
Tricubics is now looking to provide a full solution, hardware, and software, for unmanned stores, which needs computer vision, AI, and fusion sensor technology. Tricubics is working with global leaders for unmanned stores and aiming to launch the first model by the end of the year.
Tribucis is attending the ‘Guro Innovation Summit’ 2019 to pitch its service for exploring investment and funding opportunities. The Summit is to be organised by the Guro district office and Seoul Venture Incubator (SVI) in partnership with beSUCCESS on July 18th, 2019 at the G-Valley Convention.