Shaping the future of retail: Pi-xcels wraps seed funding round for interactive e-receipts offering
Singapore-based digital receipt solutions specialist, Pi-xcels, has completed a seed funding round, raising $1.7 million.
This was led by Wavemaker Partners, with participation from other venture capital firms such as Hustle Fund, Amand Ventures, and Black Kite Capital, as well as strategic angel investors.
“We are shaping the future of retail with paperless receipts and data centric shopper journeys," says Pi-xcels CEO Daniel Lim.
"We are among the few use cases of NFC beyond payments. Not only does our app less technology enhance customer experiences, it also equips retailers with valuable data to better understand and cater to customers' preferences."
The company’s NFC enabled PoS device enables the issuance of interactive e-receipts in stores through a contactless tap via a smartphone, eliminating paper waste.
This can be done without the need for app downloads, QR code scans, or personal information sharing.
Furthermore, the receipt serves as a gateway to omnichannel marketing, enhancing pre- and post-sale experiences for shoppers and providing retailers with expanded marketing avenues.
Simultaneously, Pi-xcels offers real-time transaction intelligence.
"Pi-xcels makes it seamless for businesses and payment platforms to adopt digital receipts. Apart from making the process frictionless for consumers, the solution is already integrated with payment terminals, making it easy for merchants to adopt,” says Andy Hwang, General Partner at Wavemaker Partners."
“The company's technology, fortified by patents, positions Pi-xcels as an industry leader. We foresee this technology setting a new standard for retail and inspiring businesses to embrace eco-friendly solutions, contributing to a more sustainable future.”
The fresh funds will fuel global business development initiatives, particularly expanding Pi-xcels' footprint in Europe and cementing key projects in Japan and Southeast Asia.
The company has partnered with the likes of payment terminal company Ingenico, and reports a surge of interest from major corporations in the Asia-Pacific region.
"We are focused on advancing our research and development capabilities and strengthening our engineering team with the newly raised capital," says Lim.
"This will enable us to be consistent in our delivery of innovative solutions to customers and partners in key markets like Japan, Spain, Indonesia, and beyond."
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