Cognitiwe, an Estonian company specializing in artificial intelligence solutions for visual analysis, has successfully closed a funding round of €1 million. The investment comes from notable venture capital firms and angel investors, including TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC.
This highlights the company’s resilience and adaptability, following a $605k investment round just two years ago led by TechOne VC, with the participation of StartersHub, Startup Wise Guys, and EGIAD Angels. 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. Utilizing advanced artificial intelligence and image processing technology, Wefresh provides real-time insights and data-driven predictions, enabling retailers to optimize their business operations. This technology is particularly effective in areas such as quality control, smart stock tracking, and ensuring product freshness.
Cognitiwe’s approach to combining the output from image processing with data from IoT systems allows for proactive control and efficient stock planning, setting it apart from conventional image processing applications. The company’s partnership with Microsoft as a solution partner underscores its commitment to innovation and excellence in artificial intelligence and visual analysis.
Founded in 2021 by Attila Algan and Mete Bayrak, Cognitiwe aims to support retailers and manufacturers by bringing predictive Vision AI to their daily operations. Cognitiwe offers fresh food retailers a range of products to help them analyze the freshness, stock levels, and sales performance of their shelf stocks. By doing so, retailers can reduce food waste and conserve resources and materials. Cognitiwe’s proprietary Predictive Vision AI Platform provides real-time insights and data-driven predictions, empowering customers to optimize their operational efficiencies and improve their sustainability and profitability.
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.”
The company’s impressive track record and commitment to innovation have positioned it as a global player in the AI retail industry. Cognitiwe remains dedicated to extending its reach to new markets, and this funding round marks a significant milestone in its journey.
Read the orginal article: https://www.eu-startups.com/2024/02/tallinn-based-cognitiwe-captures-e1-million-to-spearhead-ai-driven-retail-solutions/
