The combined funding round will allow Pixevia to enhance the product and expand throughout the EU and US, starting in the DACH region
Pixevia, a leading AI retail technology company, announced today that it raised €1.5 million in new funding. The latest round saw new investors Coinvest Capital, Omni Commerce Ventures and Rita Sakus join primary investor Iron Wolf Capital in the round. Other prominent existing investors Open Circle Capital, Vladas Lašas, and Renaldas Zioma also made significant contributions to the round as part of their continuing support.
The funds will be directed towards planned expansions throughout the U.S. and Europe, especially within the DACH region. Included in these plans are the integration of new venues such as sports arenas, university campuses, and airports. All this is made possible by the versatility of Pixevia’s AI platform and the company’s commitment to meeting the demands of expanding market segments.
Read More: SalesTechStar Interview with Shaun Shirazian, Chief Product Officer at Pipedrive
Pixevia has both established itself in the autonomous retail world and set itself apart from competitors by being the first technology platform to provide real-time receipts in AI-driven stores. This technology is easily implemented across store formats, including high-traffic convenience stores, gas stations, and container stores. It also provides excellent protection against theft and offers an app-less, tap-in/tap-out shopper experience. In essence, Pixevia merges the brick-and-mortar shopping experience with ecommerce tactics like 24/7 operation, deep insights into customer behaviour.
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.”
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.”
Read More: Common Mistakes B2B Teams Make When Defining Who Are Their Sales Qualified Leads
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.” In 2019, Pixevia launched its first AI-powered store in Europe. Since 2021, the company has actively collaborated with the Rewe-owned Lithuanian supermarket giant IKI. This partnership has resulted in the creation of five autonomous stores. In total, 16 stores have already opened to serve customers in Europe, the US, and the Middle East. This funding round represents a new phase within Pixevia’s expansion efforts and integration within the larger retail world.
Pixevia brings the conventional grocery store into the digital age with a seamless, cashier-less checkout process and AI-powered store management tools. The Vilnius-based startup has developed proprietary AI technology solutions and a SaaS platform to power the first-ever autonomous store in Europe, delivering an app-free, cashier-less shopping experience with real-time receipts for shoppers. To date, the startup has raised €4.1 million from diverse sources such as Iron Wolf Capital, Open Circle Capital, Coinvest Capital, Omni Commerce Ventures, Practica Capital, several angel investors, and non-equity European R&D technology grants. The clients include major retailers across Europe, the US, the Middle East.