TLDR:
Bulgarian venture capital firm Eleven Ventures invested 400,000 euro in Estonia-based predictive vision AI platform Cognitiwe as part of a 1 million euro funding round. Cognitiwe plans to expand into new markets and retail segments while implementing additional features and improving technical capabilities.
Summary:
In a recent investment move, Bulgarian VC firm Eleven Ventures has injected 400,000 euro into Estonia-based Cognitiwe, a predictive vision AI platform. This investment comes as part of a larger 1 million euro funding round for Cognitiwe. The platform intends to utilize this financial boost to expand into new markets and retail segments, as well as to enhance its technical capabilities and introduce new features.
Cognitiwe’s plan for expansion involves strengthening its team and infrastructure to first penetrate markets in Southern Europe and the Gulf Region within the EU. With a focus on efficiency and sustainability, the company aims to minimize food waste by revolutionizing the retail landscape. By utilizing internet protocol cameras, Cognitiwe provides real-time insights and predictions to retailers and manufacturers to enhance daily operations.
Founded in 2021, Cognitiwe has two flagship products – WeShelf, which estimates product stock levels, and WeFresh, which analyzes the freshness of fruits and vegetables based on factors such as color, shape, and size. The long-term goal for Cognitiwe is to reach the US market, while also adding fraud and shrinkage detection features and expanding into retailer segments like cosmetics and electronics.
This investment signifies Eleven Ventures’ belief in the potential of Cognitiwe to redefine the retail industry by leveraging AI technology to drive operational efficiency and sustainability.
