- Pixevia secures €1.5M funding for AI-powered stores expansion in US and Europe
- Technology platform offers real-time receipts in AI-driven stores across various formats
- Partnership with Lithuanian supermarket giant IKI leads to creation of five autonomous stores
- Funding round led by Iron Wolf Capital, with new investors Coinvest Capital and Omni Commerce Ventures
- Funds to be used for planned expansions in the US and Europe, targeting venues like sports arenas, university campuses, and airports
AI-powered Stores Revolutionizing Retail Landscape
In a significant development for the retail industry, Lithuanian retailtech startup PIXEVIA has secured €1.5 million in new funding to bolster the expansion of AI-powered stores in the US and Europe. This funding marks a crucial phase in Pixevia’s journey towards revolutionizing the retail landscape with cutting-edge technology.
Pixevia’s Innovative Technology and Expansion Strategy
Pixevia stands out as the pioneer in providing real-time receipts in AI-driven stores, offering a seamless shopping experience for customers. Their innovative technology is versatile and can be easily integrated across various store formats, including high-traffic convenience stores, gas stations, and container stores. One of the key features of Pixevia’s system is its robust protection against theft, ensuring a secure shopping environment for both retailers and consumers.
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The company’s approach combines the traditional brick-and-mortar shopping experience with modern ecommerce tactics, such as 24/7 operation and deep insights into customer behavior. This hybrid model has garnered significant attention and is reshaping the way retailers interact with their customers.
Partnerships Driving Growth and Innovation
Since its inception, Pixevia has been proactive in forming strategic partnerships to drive growth and innovation. In 2019, the company launched its first AI-powered store in Europe, setting the stage for further expansion. In 2021, Pixevia entered into a collaboration with the Lithuanian supermarket giant IKI, owned by Rewe, resulting in the creation of five autonomous stores. This partnership has been instrumental in expanding Pixevia’s presence, with a total of 16 stores now operational across Europe, the US, and the Middle East.
The recent funding round led by Iron Wolf Capital, along with new investors Coinvest Capital, Omni Commerce Ventures, and Rita Sakus, underscores the confidence in Pixevia’s growth trajectory. Existing investors, including Open Circle Capital, Vladas Lašas, and Renaldas Zioma, have also reaffirmed their commitment to supporting Pixevia’s expansion efforts.
Strategic Vision and Future Prospects
Mindaugas Eglinskas, founder and CEO of Pixevia, expressed optimism about the company’s future prospects, stating, “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.”
The strategic direction set by Pixevia involves expanding its footprint across the US and Europe, with a particular focus on the DACH region. The company aims to introduce its AI-powered stores in diverse venues such as sports arenas, university campuses, and airports, catering to a wide range of consumers and enhancing their shopping experience.
Investor Confidence and Market Potential
Viktorija Trimbel, Managing Director at Coinvest Capital, commended Pixevia’s success and forward-looking approach, noting, “Pixevia anticipated the significant shift in retailers’ attitudes towards autonomous stores and positioned itself as a frontrunner in this space. We are excited to be part of its growth journey and contribute to its success.”
Kasparas Jurgelionis, managing partner at Iron Wolf Capital, emphasized the substantial market potential for Pixevia’s technology, stating, “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 well-positioned to capitalize on this opportunity.”
Pixevia’s €1.5 million funding boost signals a new chapter in the evolution of AI-powered stores, underscoring the company’s commitment to innovation, growth, and delivering unparalleled shopping experiences for consumers. As Pixevia continues to expand its presence globally, the retail landscape is set to transform significantly, ushering in a new era of convenience, security, and efficiency in shopping.
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