Mashgin Named One of World's Most Innovative Companies in Retail by Fast Company

PALO ALTO, Calif., March 14, 2022 /PRNewswire-PRWeb/ --Mashgin, the world's fastest self-checkout system powered by AI and computer vision, announced today the company has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies for 2022. The 2022 list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today's ever-changing world. Mashgin is among the companies creating the future today with some of the most inspiring accomplishments of the 21st century. Named number three in the retail category of the 2022 Fast Company World's Most Innovative Companies, Mashgin is transforming retail and has brought to market a real world application of computer vision that has already saved people 30 years of their lives waiting in line with the world's fastest touchless self-checkout system. Mashgin has completed more than 31M transactions and $260M in transaction sales to date. View a short video of Mashgin in action here.

"Mashgin provides a better way for companies looking to innovate and adjust to shifting consumer behavior, even more so in the wake of a global pandemic," said Abhinai Srivastava, CEO and co-founder of Mashgin. "Computer scientists have long dreamt of the possibilities of what artificial intelligence (AI) could help humankind achieve. Today, Mashgin helps lead the way to realize that dream in the retail sector by giving people back precious time that would have been otherwise wasted in line."

The Mashgin Touchless Checkout System identifies items from virtually any angle and instantly rings them up in a single transaction with a 99.9% accuracy rate, even for produce and plated food. It doesn't need barcodes or RFIDs, perfectly consistent packaging, or particular orientations to work correctly. Consumers simply place their items down, pay, and go — in 10 seconds or less.

Mashgin widened its lead as the most vetted computer vision-powered checkout system over the course of the past 18 months, expanding to over 700 locations, and further optimized the time it takes to launch a new location — dropping from several days to under an hour.

Mashgin also dominates in complex environments like corporate cafeterias and sports stadiums where self-checkout implementation has been near impossible — until now.
The World's Most Innovative Companies is Fast Company's signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.

"The world's most innovative companies play an essential role in addressing the most pressing issues facing society, whether they're fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions," said Fast Company Deputy Editor David Lidsky.

For the second consecutive year, Fast Company will host its Most Innovative Companies Summit on April 26–27 to coincide with the issue launch. The virtual, multi-day summit celebrates the Most Innovative Companies in business, and provides an early look at major business trends and an inside look at what it takes to innovate in 2022. Fast Company's Most Innovative Companies issue (March/April 2022) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 15. The hashtag is #FCMostInnovative.

About Mashgin
Mashgin is the world's fastest self-checkout system powered by AI and computer vision. Consumers demand instant gratification. Mashgin's Touchless Checkout System eliminates consumer frustration while increasing revenue for retailers with checkout that is four times faster than cashiers and traditional points-of-sale. There's no need to look for and scan bar codes: customers simply place their items on Mashgin's tray, pay electronically, and can be on their way in as little as 10 seconds.

Founded in 2013 and headquartered in Palo Alto, California, Mashgin is a privately held company backed by Matrix Partners, Susa Ventures and Y Combinator. Follow Mashgin on Twitter and LinkedIn or learn more about Mashgin at http://www.mashgin.com.

About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at http://www.fastcompany.com.

Media Contact

Mindy M. Hull, Mercury Global Partners for Mashgin, +1 415 889 9977, [email protected]

Angela Bermudo, Mercury Global Partners for Mashgin, 951 375 7181, [email protected]

SOURCE Mercury Global Partners for Mashgin