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Lithuanian technology company Magma Solutions, which created Europe’s first artificial intelligence store Pixevia, attracted 1 million. investment in euros. They focus on the development and expansion of smart store technology in Europe.
Venture capital funds Iron Wolf Capital, Open Circle Capital and Practica Capital, as well as business angels Mantas Mikuckas (Vinted), Tomas Okmanas and Eimantas Sabaliauskas (Tesonet), have invested in Pixevia, according to the press release.
Pixevia technology enables full automation of retail with artificial intelligence and information from video cameras.
Company photo / Pixevia Store in Vilnius
A network of cameras installed in the store records and analyzes the movement of the buyer, takes the merchandise and places it back on the shelves. Artificial intelligence processes the information received and automatically forms a shopping cart. When you have finished choosing the merchandise, the buyer simply goes through the door, the money for the merchandise is deducted from the payment card previously entered.
Technology developers emphasize that such stores are completely safe for both merchants and buyers. Human contact is kept to a minimum, which is extremely important to society and businesses fighting the global virus outbreak.
“Smart stores powered by artificial intelligence are a reliable solution for the retail sector challenged by COVID-19. The store not only prevents contact with people, the security system installed in it automatically disinfects the premises when there are no people in them ”Says Mindaugas Eglinskas, director of Pixevia.
According to him, smart store technology was developed with a focus on the needs of Western European merchants and shoppers. Pixevia offers a solution for the growing number of commodity stores (convenience stores) to meet demand and open small, convenient 24-hour stores in European cities.
Pixevia technology is not only about speed of purchase, security and efficiency, but also about competitive costs: the installation of such stores is available to most retailers and at the same time benefits the consumer.
“With the pace of modern human life accelerating, the need to shop quickly and conveniently is constantly growing. The demand for stores where you can buy the products you need in less than a minute will increase. Smart stores based on artificial intelligence have been introduced in the United States, but Pixevia was the first in Europe to develop a solution tailored to merchants and residents of the Old Continent. By contributing to its development, we are taking a strategic step towards the retail trade of the future “, says Kaspars Jurgelionis, partner of Iron Wolf Capital.
Pixevia 2019 smart store installed in the old town of Vilnius, the capital of Lithuania, was the first store of its kind in Europe. The automated store sells groceries and basic products, purchases can be very short, and purchases are possible in 20 seconds.
Through investments from venture capital funds and business angels, Pixevia intends to develop the technology and expand it to other European countries, focusing primarily on retail and gas station networks.
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