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PASADENA, Calif. -- Evolution Robotics, Inc., based here, said Friday that it has formed a wholly owned subsidiary, Evolution Robotics Retail, Inc., to concentrate solely on bringing object recognition-based solutions to the retail industry.
"The success of LaneHawk in 2005 positioned the retail operations within Evolution Robotics for tremendous growth," said Evolution's chairman Bill Gross in a statement. "To capitalize on this success, we needed dedicated management and resources to serve our retail industry customers. Evolution Robotics Retail creates the structure to accomplish the needed focus."
Alec Hudnut, c.e.o. of the newly created Evolution Robotics Retail, said the change "allows us to target future investments in a new, high-growth segment of the retail industry."
Evolution Robotics Retail's main product, LaneHawk, is a bottom-of-basket loss prevention solution for retail that's based on Evolution's visual pattern recognition (ViPR) technology. According to Evolution, the average U.S. grocer loses more than $10 per day per lane with bottom-of-basket items leaving the stores unpaid for. LaneHawk lets food retailers boost overall corporate profitability by as much as 10 percent, the company said.