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Fainders AI Revolutionizes Retail with Unmanned Store Technology, Eyes Global Expansion

Source: Fainders AI

Fainders AI, a South Korean store automation technology company, announced the completion of its fully unmanned store operation technology, which will be commercialized in the first half of the year.

The company’s AI-based solution enables customers to automatically pay for items with nearly 99% accuracy, using AI deep learning and computer vision technology.

Unlike unmanned store technologies that rely on expensive lidar sensors, Fainders AI’s solution uses low-cost 2D video surveillance cameras while increasing accuracy with deep learning technology and reducing reliance on weight racks.

This cost-effective approach allows smaller stores to adopt the technology and increase profitability.

Founded in 2020 by Myungwon Ham and Seokbeom Hong, the company has already filed and registered four patents related to computer vision-based unmanned solutions in just over three years.

Last year, Fainders AI secured KRW 7.7 billion in cumulative investment during its Series A funding round.

The global market for unmanned stores is expected to grow significantly in the coming years, with research firm Market & Markets forecasting a compound annual growth rate of 51% to reach $1.643 billion by 2027.

As Fainders AI prepares for domestic commercialization, the company wants to expand overseas and compete with global companies in the unmanned technology market.

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