Vilnius-based AI-powered platform for retail shops Pixevia raises €340K

The retail startup Pixevia registered in Lithuania as Magma Solutions, has raised €340K in an extension bridge round. The round was led by Lithuanian Coinvest Capital, which invested  €170K. Existing and new investors, including LitBAN co-founder Vladas Lašas, founding partner of Lithuanian Gamedev Fund Renaldas Zioma, co-founder of Vilnius-based syndicate LitBAN Rita Sakus and Vytenis Benetis also participated in the round.

Founded in Vilnius in 2015 by Mindaugas Eglinskas and Ignas Kamantauskas, Pixevia is an AI platform for retail stores that eliminates cash registers and optimizes operations for store managers. The technology collects information from different security cameras (regular security cameras mounted on rails, sensors on shelves). The customer taps his payment card, phone, or watch wallet at the gates or uses a mobile application to enter the store. Then he selects items and the technology creates a virtual shopping cart. At the exit, the customer can see his items on the screen and tap his card to pay. Pixevia's technology can be implemented in various formats, including high-traffic convenience stores (100-400m2) with hundreds of daily transactions, gas stations, and container stores. 

The startup will use the investment to accelerate its global expansion across Europe, the APAC region, and the US. In particular, Taiwan, Belgium, Italy, and Poland.

Coinvest Capital is a VC fund fully capitalized with public funds from the Lithuanian State and the EU. It is 100% owned by the National Development Agency INVEGA, which, in turn, is owned by the Ministry of Finance, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds. Its portfolio includes 37 startups, with a total co-investment of €35.9M. The managing director is Viktorija Trimbel.