BingoBox's AI-powered convenience store raises $14.7M in funding

BingoBox, a Chinese chain of artificial intelligence-powered, self-service convenience stores, has raised over 100 million yuan ($14.7 million) in its first round of funding, led by technology investment firm GGV Capital, according to a report by Sixth Tone. Powered by AI and other innovative technologies, the self-service convenience stores aim to reduce costs on staff. The retail stores are slowly expanding in big cities across China, drawing the attention of both customers and investors in the process. BingBox partnered with French retail firm Auchan to launch trial operations in Zhongshan, Guangdong province in August 2016, before opening its first store in Shanghai in June. "We are optimistic about opportunities in the retail industry, and especially about the BingoBox team," said Eric Xu, a managing partner at GGV Capital.