Autonomous retail technology startup Pixevia raises €1.5 million and eyes DACH expansion

AI retail technology company, Pixevia, has raised €1.5 million in new funding. This saw new investors Coinvest Capital, Omni Commerce Ventures and Rita Sakus join primary investor Iron Wolf Capital in the round.

Other prominent existing backers Open Circle Capital, Vladas Lašas, and Renaldas Zioma made significant contributions.

The cash will be directed towards planned expansions throughout the US and Europe, especially within the DACH region. Included in these plans are the integration of new venues such as sports arenas, university campuses, and airports.

Pixevia has raised €4.1 million to date. Some of that was from EU research grants and mostly from equity investment. 

Pixevia lays claim to being the first technology platform to provide real-time receipts in AI driven stores.

It says that this technology is easily implemented across store formats, including high traffic convenience stores, gas stations, and container stores.

It also provides excellent protection against theft and offers an app-less, tap-in/tap-out shopper experience.

Viktorija Trimbel, Managing Director at Coinvest Capital, says: “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.”

Mindaugas Eglinskas, Founder and CEO at Pixevia, says: “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.”

Kasparas Jurgelionis, Managing Partner at Iron Wolf Capital, says: “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.” 

In 2019, Pixevia launched its first AI powered store in Europe.

Since 2021, the company has 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 thus far opened to serve customers in Europe, the US, and the Middle East.