[Funding alert] Tallinn-based Cognitiwe Secures €1Million in Funding

Wednesday 21, 2024 | By Startup Rise EU

Tallinn-based Cognitiwe secures €1million in funding. Notable venture capital firms and angel investors, such as Domino VC, TechOne VC, Eleven Ventures, Flat6Labs, and Caucasus VC, contributed to the investment.

Tallinn-based Cognitiwe secures €1million in funding. Notable venture capital firms and angel investors, such as Domino VC, TechOne VC, Eleven Ventures, Flat6Labs, and Caucasus VC, contributed to the investment.

Read also - Edinburgh-based PhaSER Biomedical Secures $2.3Million in Funding

This demonstrates the company's adaptability and resiliency in the wake of a $605k investment round that was led by TechOne VC and included participation from Startup Wise Guys, StartersHub, and EGIAD Angels just two years ago.

The diverse group of investors from different business sectors and various countries highlights the company’s strong position in the market and its global reach. The company’s flagship product, Wefresh, targets the retail industry by offering a cutting-edge solution designed to enhance retail operations.

Read also - Berlin-based Monite Secures $6Million in Seed Funding

Utilizing advanced artificial intelligence and image processing technology, Wefresh provides real-time insights and data-driven predictions, enabling retailers to optimize their business operations. Particularly useful applications of this technology include smart stock tracking, quality control, and guaranteeing product freshness.

Different from traditional image processing applications, Cognitiwe's method of fusing data from IoT devices with image processing output enables proactive control and effective stock planning.

Read also - Bilbao-based WIVI Vision Secures €4 Million in Funding

The company’s partnership with Microsoft as a solution partner underscores its commitment to innovation and excellence in artificial intelligence and visual analysis.

Cognitiwe’s co-founder and CEO Attila Algan, said: “We are thrilled to have the backing of these esteemed investors who share our vision. This funding will enable us to establish Cognitiwe as a market leader in AI-supported image processing technologies in the global market, and we are excited about the opportunities it opens up for us. Throughout our journey, while perfecting our product, we have also focused on the necessary infrastructure work to become a global player. We have signed contracts with local partners and global sales networks in many different regions of the world. As a result, we have gained significant visibility in various regions, from South America to Australia, from the Middle East to Europe. With the conclusion of our new investment round, we will focus on growth by both enhancing our team and engaging in more intensive activities to reach customers.”

Ivaylo Simov, Partner at Eleven Ventures, commented: “We supported Cognitiwe because we see how their solution solves a pain not only to the retailers, but to society as a whole, namely the wastage of food and other products. There are a number of great opportunities in front of the company, and Attila and Mete are coming with an entrepreneurial background that helps them drive innovation in the industry.”

About Cognitiwe

Cognitiwe offers fresh food retailers a range of products to help them analyze the freshness, stock levels, and sales performance of their shelf stocks. Retailers can lessen food waste and save materials and resources by doing this.

Read also - Paris-based Planity Secures $50 Million in Series C Round Funding

With the help of Cognitiwe's in-house Predictive Vision AI Platform, clients may increase operational effectiveness, sustainability, and profitability by using real-time insights and data-driven forecasts.

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