Swyft closes additional funding to execute on its strong backlog of Fortune 100 company contracts.
Swyft Inc., the global leader in unattended retail, today announced the close of additional funding led by Defiance Ventures. Swyft intends to use the funds as working capital to continue to rapidly grow in the US market.
“We’re excited to announce our partnership with Defiance Ventures,” said Gower Smith, CEO of Swyft. “The Defiance principals bring relevant experience in building growth SaaS businesses and can help us further implement AI in our platform where it will most benefit our clients. Our family office and private investors should be recognized for funding our company to a point where we have meaningful revenue and can deliver for our clients at an accelerated pace.” The funding will be primarily used for working capital to secure additional locations for Swyft’s clients’ automated retail stores and to capture the growth in demand for unattended retail and retail automation in the COVID-19 environment.
Tareq Amin, co-founder of Defiance Ventures added, “We have natural synergies with Swyft, which made our decision easy. Swyft has great products and has created practical uses for machine learning and artificial intelligence tools; two areas we specialize in with our Defiance Digital subsidiary. Their focus on intelligent, seamless customer experiences and operational automation, coupled with their monetization of financial products and capital efficient business model makes them a perfect fit for Defiance. We are excited by what’s to come.” Additionally, Tareq will join the board of Swyft, Inc.
Swyft is a software and data analytics platform that gives brands and retailers everything they need to build an automated retail presence. Swyft gives consumers a convenient frictionless buying experience and location partners, such as airports and property managers, increased desirability. The company has a number of additional Fortune 100 clients in development for launch by early next year.
Through acquisition and organic development, Swyft has developed a significant patent portfolio associated with contactless shopping from unattended stores using mobile technology. COVID-19 has caused increased demand for its unattended health focused concepts such as unattended CVS Health stores and PPE stores which help property managers service the needs and demands of their consumers. As Swyft’s business models continue to prove out, Swyft continues its tremendous growth in the US $26 billion total addressable market.
Swyft, Inc. — the leader in unattended retail and retail automation — is a software and technology services company that sells, manages and/or operates unattended retail solutions for retailers and brands. All of Swyft’s solutions operate on its cloud-based software and utilize cutting edge robotic or sensor-based hardware. Swyft Inc., is also the parent company of ZoomSystems, the industry’s largest automated retail store operator.
About Defiance Ventures
Defiance Ventures is a venture builder focused on B2B enterprise technology companies. It combines capital and early stage investment expertise with real world capabilities spanning marketing, branding, sales, application development, and cloud architecture to help its portfolio of technology companies to disrupt their respective industries.
Original article posted by PRNewswire