Countdown to Shoptalk 2019: Startup Pitch Competition Participant Profile, Part 8 — DeepMagic
Key Points
The Coresight Research team will attend and participate in Shoptalk 2019 March 3-6 in Las Vegas. The event brings together more than 8,000 attendees and more than 300 speakers to discuss rapid evolution of how consumers discover, shop and buy.
On March 3, Coresight Research CEO and Founder Deborah Weinswig will emcee a startup pitch competition featuring 15 early-stage technology companies. Judges will select two winners for a $25,000 prize.
Participating startups all have:
- $3 million or less in funding.
- Four years or less since founding.
- Scalable and innovative solutions for physical retail, omnichannel and e-commerce.
- Business-to-business (B2B) solutions.
Below, we look at the last company that will compete: DeepMagic.
DeepMagic at a Glance
DeepMagic provides automated, unattended checkout-free shopping experiences. This “mini store” can be placed in stand-alone locations such as hotel lobbies, college campuses or inside a retailer to create a “store-within-a-store” experience. The company has developed a checkout system called the Qick Kiosk to enable tap-and-go transactions and payment. The company’s proprietary technology uses AI to recognize products and shoppers, track transactions in store and automatically charge the basket to the shopper’s credit card. DeepMagic partnered with Cisco System to open an unattended Cisco Mini Store to sell electronic products
DeepMagic’s value proposition is to make shopping easy and frictionless through tap-and-go checkout at a cashierless, secure, unattended 24/7 kiosk – and the ability to bring retail into new environments where people live, work and play.
Right: DeepMagic’s Cisco Mini Store
What Problem Is the Company Solving?
Today’s consumer values convenient experiences and craves experiential retail. This “mini-store” lets gives brands an easier way to connect with customers without having to invest in the normal high initial cost and long-term leases associated with the usual physical retail options. The company enables retailers to run stores unattended for less cost with extended hours – with an automated customer experience including check-out and security.
The stores can also extend reach into new areas such as hotel lobbies, university campuses, gyms, commercial office buildings, malls, etc. The Qick Kiosk can also be embedded inside a retailer as a “store-within-a-store” for new product introductions and pop-up stores.
Headquarters
New York City.
Funding Stage
Seed.
Business Model
DeepMagic charges a one-time charge followed by an ongoing software-as-a-service monthly fee.
Management Team
Dr. Bernd Schoner, CEO.
Dr. Davi Geiger, CTO.
Company Outlook
DeepMagic deployed its first commercial kiosk with Cisco in 2018 and has signed distribution deals with a major payment processor, a multinational beverage manufacturer and a large global retailer, among others, according to the company.