Pixevia Secures €1.5M Funding for Expansion of AI-Driven Stores in the US and Europe

Lithuanian retail technology startup Pixevia has raised €1.5 million in new funding. Pixevia’s technology platform is notable for providing real-time receipts in AI-powered stores, making it adaptable to various store formats including high-traffic convenience stores, gas stations, and container stores. This platform also enhances theft protection and offers a seamless, app-free shopping experience, combining traditional retail with e-commerce tactics such as 24/7 operation and detailed customer behavior insights.

In 2019, Pixevia launched its first AI-driven store in Europe. Since 2021, it has collaborated with Rewe-owned Lithuanian supermarket chain IKI, resulting in the creation of five autonomous stores. To date, 16 stores have been established across Europe, the US, and the Middle East. The recent funding marks a significant step in Pixevia’s expansion and deeper integration into the retail sector.

Mindaugas Eglinskas, founder and CEO of Pixevia, commented:

“2023 was a pivotal year for our company, our product, and our expansion efforts beyond Lithuania. This funding round is well-timed to maintain our momentum and enter new markets where there is already demand.”

The funding round was led by Coinvest Capital, with new investments from Iron Wolf Capital, Omni Commerce Ventures, and Rita Sakus. Existing investors Open Circle Capital, Vladas Lašas, and Renaldas Zioma also contributed significantly.

Viktorija Trimbel, Managing Director at Coinvest Capital, stated:

“Pixevia’s success last year was not only promising but also indicative of the shift in retailer attitudes towards autonomous stores. We are pleased to support its continued growth, investing on a pari-passu basis according to our recent mandate extension.”

Kasparas Jurgelionis, managing partner at Iron Wolf Capital, added:

“We are excited to continue supporting Pixevia and building on its strong commercial traction in Europe and the US. Pixevia is leading in delivering cost-effective and rapid deployment of disruptive technology for retailers. The market potential is significant, and the team is well-positioned to capitalize on it.”

The newly acquired funds will support planned expansions throughout the US and Europe, particularly in the DACH region. These plans include integrating new venues such as sports arenas, university campuses, and airports.

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