The Vilnius-based AI platform for retail, Pixevia, has raised €1.5 million. The round was led by Coinvest Capital.
- Pixevia was founded in 2015 by Mindaugas Eglinskas and Vytas Taujanskas. The startup develops AI-based retail solutions that eliminate the need for tills and streamlines operations for store management. As a result of Pixevia's computer vision technology, physical retail locations can offer seamless checkout processes and real-time 3D operating systems.
- According to the startup, it was the first in Europe to introduce an AI-driven store in 2019. As of now, 16 stores have already been opened in Europe, the US, and the Middle East.
- Coinvest Capital was the leading investor in this round. It is an early-stage fund, fully capitalized with the public funds of the Lithuanian state and EU, that usually invests €500,000-€5 million in Lithuania startups.
- The funding was also joined by new investors Iron Wolf Capital and Omni Commerce Ventures. The existing one, Open Circle Capital, also participated.
- The funding will go toward planned growth in the United States and Europe, particularly in the DACH area. The integration of additional locations, such as airports, university campuses, and sports arenas, is also part of these plans.
