Vilnius-based AI-powered platform for retail shops Pixevia raised €1,5M

Lithuanian retail startup Pixevia has raised €1,5M. The round was led by Lithuanian Coinvest Capital, with participation from new investors Lithuanian Iron Wolf Capital and Omni Commerce Ventures, and a business angel Rita Sakus (co-founder of Vilnius-based syndicate LitBAN). Existing investors Lithuanian venture fund management company Open Circle Capital, Vladas Lašas (co-founder of LitBAN), and Renaldas Zioma (a founding partner at Lithuanian Gamedev Fund) also joined the round.

Founded in Vilnius in 2015 by Mindaugas Eglinskas, Pixevia is an AI platform for retail shops, which eliminates tills and optimizes operations for store managers. The technology is based on collecting information from different security cameras (regular security cameras mounted on rails, sensors on shelves).

The customer taps their payment card, phone, or watch wallet at the gates or uses a mobile application to enter the store. They then select items and the technology creates a virtual shopping basket. At the exit, the customer can see their items on the screen and tap their card to pay.

Pixevia's technology can be implemented across store formats, including high-traffic convenience stores, gas stations, and container stores. In 2019, Pixevia launched its first AI-powered store in Europe. To date, there are 16 stores in Europe, the US, and the Middle East.

The startup will use the new investment to expand its AI-powered stores in the US and Europe, especially within the DACH region. The company also plans to integrate new venues for its stores in the sports arenas, university campuses, and airports. 

Established in Vilnius in 2017, Coinvest Capital invests in startups at the early stages and co-invests with groups of business angels. The managing director is Viktorija Trimbel.

Founded in Vilnius in 2018, Iron Wolf Capital is an early-stage VC that invests in AI, IoT, SaaS, Deeptech, Fintech startups, and marketplaces. The initial ticket ranges from €250K to €2M. The managing partners are Kasparas Jurgelionis and Zygimantas Susnys.

Open Circle Capital is a Lithuanian venture fund management company. The company launched its first €20M fund in 2017 to invest in early-stage startups with a focus on deep tech, robotics technologies, and ICT.