Pixevia, a Vilnius-based startup specialising in AI-driven retail technologies, has raised €340k in a bridge round extension aimed at accelerating its global expansion.
The funding was led by Coinvest Capital, contributing €170k, with the remainder from new and existing investors, including business angels Vladas Lašas, Renaldas Zioma, Rita Sakus, and Vytenis Benetis.
Founded in 2011, Pixevia is known for its autonomous retail technology, including Europe’s first AI-powered autonomous store launched in 2020. The startup has also developed Retail Core, a system designed to enhance store efficiency and security using standard video cameras.
Retail Core enables detailed insights into customer behaviour, product availability, pricing, advertising effectiveness, and operational performance.
“This funding allows us to allocate more resources to specific countries and accelerate deployments, reaffirming our dedication to revolutionising retail with AI-powered technologies,” said Mindaugas Eglinskas, Founder and CEO of Pixevia.
This bridge round follows Pixevia’s notable €1.5 million funding round in May 2024, which was aimed at expanding its presence in Europe and the US, focusing on autonomous store deployment.
With the additional €340k, Pixevia is targeting rollouts in Taiwan, Belgium, Italy, and Poland, while bolstering its operations in the APAC region, Europe, and the US. These markets are critical to the company’s strategy, given the rising demand for retail automation technologies.
Coinvest Capital, a key investor in the round, is a venture capital fund established by Lithuania’s national development bank ILTE, which leverages EU and Lithuanian public funds alongside private contributions.
Viktorija Trimbel, Managing Director at Coinvest Capital, remarked: “Pixevia’s capacity to innovate has been remarkable. Our partnership with Pixevia aligns seamlessly with our mission to back technology-driven ventures that disrupt industries. This funding round reflects our confidence in Pixevia’s AI solutions and their potential to become a global leader in retail transformation.”
Building on the momentum from its earlier €1.5 million funding, the company is aiming to further reshape the retail landscape with its AI-powered technologies.
Read the orginal article: https://www.eu-startups.com/2024/12/pixevia-secures-e340k-to-drive-global-rollout-of-ai-powered-retail-solutions/
