Funding

PIXEVIA funding news – Retailtech Startup PIXEVIA Secures €1.5 Million in Funding

May 20, 2024 | By Startup Rise EU

PIXEVIA, a retail technology firm headquartered in Lithuania, has successfully obtained €1.5 million in funding. Pixevia is the pioneering technological platform that enables AI-powered establishments to issue real-time receipts. Easily implementable in a variety of store formats, including high-traffic convenience stores, petrol stations and container stores, is this technology.

PIXEVIA, a retail technology firm headquartered in Lithuania, has successfully obtained €1.5 million in funding. Pixevia is the pioneering technological platform that enables AI-powered establishments to issue real-time receipts. Easily implementable in a variety of store formats, including high-traffic convenience stores, petrol stations and container stores, is this technology.

SUMMARY

  • PIXEVIA, a retail technology firm headquartered in Lithuania, has successfully obtained €1.5 million in funding.
  • PIXEVIA is an artificial intelligence (AI) retail platform that eliminates tills, optimises operations for store managers, and delivers the best consumer experience to store clients.

It also provides exceptional larceny protection and a streamlined, app-free, tap-in/tap-out shopping experience. It integrates the physical retail experience with ecommerce strategies such as round-the-clock operations and comprehensive analysis of consumer behaviour.

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Pixevia introduced its inaugural AI-driven retail platform in Europe in 2019. Since 2021, the organisation has maintained an active partnership with IKI, a Lithuanian supermarket behemoth owned by Rewe.

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Due to this collaboration, five autonomous establishments have been established. To date, sixteen retail locations have been established to cater to clientele residing in Europe, the United States, and the Middle East. This funding round signifies a fresh stage in Pixevia's strategy for expanding its operations and integrating itself into the broader retail industry.

Mindaugas Eglinskas, founder and CEO at Pixevia, says: “2023 was a watershed year for our company, for our product, and for our overall expansion efforts in and beyond Lithuania. This combined funding round is excellently timed and exactly what we need to keep that momentum going and enter a number of new markets where the demand already exists."

In addition to Iron Wolf Capital as the round's primary investor, Coinvest Capital, Omni Commerce Ventures, and Rita Sakus also participated as new investors. Additional notable existing investors, including Open Circle Capital, Vladas Lašas, and Renaldas Zioma, contributed substantially to the round in furtherance of their ongoing support.

Viktorija Trimbel, Managing Director at Coinvest Capital, says: “Pixevia’s demonstrable success in the last year was more than just promising. In many ways, Pixevia anticipated the significant shift in retailers’ attitudes towards autonomous stores that has happened in the last year, and we’re so pleased to be a part of its continuing growth, investing on pari-passu basis according to our recent mandate extension.”

Kasparas Jurgelionis, managing partner at Iron Wolf Capital, says: “We are very happy to continue supporting the company and building on the strong commercial traction in Europe and the US. Pixevia is delivering quicker and cheaper than anyone else in the most disruptive technology adoption cycle for retailers in decades. The market potential is huge and the team is in a great position to capitalise."

The allocated funds will be utilised for strategic expansions across the European continent, with a particular focus on the DACH region. The integration of new venues, including airports, university campuses, and sports arenas, is among these objectives.

About PIXEVIA

PIXEVIA is an artificial intelligence (AI) retail platform that eliminates tills, optimises operations for store managers, and delivers the best consumer experience to store clients. The process involves the integration of data obtained from various security cameras. The fact that 90–95% of grocery transactions occur in physical locations transforms a $12 trillion grocery retail market.

By utilising their exclusive computer vision technology, physical retail spaces are seamlessly transitioned into the digital age. This entails providing store managers with a real-time 3D operating platform and establishing an entirely new benchmark for brands in terms of consumer data.

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