- Lithuanian startup Pixevia secures €1.5 million in new funding, with new investors Coinvest Capital, Omni Commerce Ventures, and Rita Sakus joining existing investor Iron Wolf Capital in the round.
- Significant contributions from existing investors Open Circle Capital, Vladas Lašas, and Renaldas Zioma demonstrate ongoing support.
- Funding to fuel planned expansions in the U.S. and Europe, with a focus on the DACH region, and integration of new venues like sports arenas, university campuses, and airports.
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, while it also protects clients from 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.
“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,” said Mindaugas Eglinskas, founder and CEO at Pixevia.
Investors are highlighting both the market potential as well as the success of Pixevia’s technology.
“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,” said Kasparas Jurgelionis, managing partner at Iron Wolf Capital.
“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,” adds Viktorija Trimbel, Managing Director at Coinvest Capital.
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.
