Lithuanian AI startup Perfection42 raised €1,1M
Lithuanian AI startup Perfection42 has raised €1,1M from a syndicate of 41 business angles at Lithuanian Business Angel Network (LitBAN), Lithuanian funds CoInvest Capital, and Open Circle Capital. Among business angels are co-founder of Vinted Justas Janauskas, Audrius Dzikevicius, CEO and partner at Open Circle Capital Audrius Milukas, managing director at Coinvest Capital Viktorija Trimbel, CEO and member of the board at private debt fund Mondus Viktorija Vaitkevičienė, financial analyst at Coinvest Capital Paulius Uziela, and others.
Perfection 42 team has developed a technology that allows to automate individual stages of graphics creation, which reduces the budget and time costs of creating video graphics several times. The startup’s product can process pictures and video materials in 4k resolution. It provides solutions for game development, animation, architecture, design, and art industries. The company plans to create the equivalent of Photoshop for AI solutions.
Perfection 42 will use the investment for the improvement of technology, marketing, and organization of sales in foreign markets.
The startup was founded by Simona Vasytė-Kudakauskė and Kęstutis Taučkėla in Vilnius in 2018. Perfection 42 has already raised $50K from Open Circle Capital and €30K from business angels in 2018, and €200K from Open Circle Capital, 70 Ventures, and business angels in 2019.
Open Circe Capital is Lithuanian venture fund management company. It makes equity investments into early-stage startups with a focus on deep tech, robotics technologies, and ICT (information and communication technologies).
Coinvest Capital was established in Vilnius in 2017. The fund invests in startups at early stages and co-invests with groups of business angels.
Vilnius-based LitBAN (Lithuanian Business Angel Network) is a group of business angels. It was founded in 2017. LitBAN focuses on early-stage venture investment in Latvia and the Baltics.