Tote.ai, a pioneer in AI-native point-of-sale (POS) systems for fuel and convenience stores, announced on August 18, 2025, a $22.6 million funding round led by Cota Capital, with participation from Storm Ventures and Cervin Ventures, to enhance its innovative platform and expand market reach.
Funding: $22.6M raised to accelerate hiring, market expansion, and product development.
Announcement Date: August 18, 2025.
Platform: AI-native POS with "one customer, one cart" architecture for seamless shopping.
Market Opportunity: Targets the $837B+ U.S. convenience retail industry (NACS 2024).
Leadership: Led by Shyam Rao, former CEO of Punchh (sold for $500M+).
Key Features: Real-time analytics, personalized promotions, and headless architecture.
Tote.ai secured $22.6 million to advance its AI-native POS system, designed to modernize the $837 billion U.S. convenience retail industry. The funds will support hiring, market expansion, and enhancements to its "one customer, one cart" architecture, which unifies the shopping experience from fuel pumps to in-store checkouts. “This investment enables us to put convenience back in the convenience store,” said Adit Singh, Partner at Cota Capital, emphasizing Tote’s solution to outdated legacy systems.
Tote.ai’s platform allows customers to start shopping at the pump, add items via mobile, and complete purchases at any register or self-checkout without rescanning. Its AI-driven design integrates personalized promotions and loyalty offers, driving high-margin sales. “Fuel and convenience stores have been ignored for a long time,” said CEO Shyam Rao. “Tote’s headless, event-driven architecture makes it easy for stores to cater promotions to customer interests.” The platform provides real-time visibility into operations, enabling managers to adjust menus, prices, and promotions without IT support, boosting flexibility and revenue.
Led by Shyam Rao, former CEO of Punchh (sold to PAR Technologies for over $500M), Tote.ai’s team includes experts from Visa, Clover, and Lightspeed Commerce. The platform addresses industry pain points like non-integrated systems and lack of personalization, which cost billions annually, according to Arun Penmetsa of Storm Ventures. Tote’s single data layer unifies fuel, in-store management, loyalty, and payments, setting a new standard for efficiency.
The $837 billion U.S. convenience retail industry faces challenges from legacy technology, as noted in the NACS 2024 report. Tote.ai’s platform aligns with trends toward omnichannel retail, competing with solutions like Mashgin and PDI Technologies. Posts on X, such as from @RetailTechX, highlight Tote’s potential to transform store operations with AI-driven personalization, positioning it for significant growth in a market projected to reach $1 trillion by 2030.
Tote.ai is the first AI-native POS system for fuel and convenience stores. The company's "one customer, one cart" architecture creates a seamless shopping experience from forecourt to store. Headquartered in Redwood City, California, Tote.ai was founded in 2022 to make the in-store experience on par with the online experience, giving shoppers control and freedom.
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