Estonian Cognitiwe captures $1.05M for its AI-Driven Retail Solution
The Estonian AI-driven startup Cognitiwe has secured $1.05 million in a funding round led by TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC. Following a $605,000 investment round just two years ago, the diverse group of investors in this round highlights Cognitiwe’s strong position in the market and its global reach.
“We are thrilled to have the backing of these esteemed investors who share our vision. This funding will enable us to establish Cognitiwe as a market leader in AI-supported image processing technologies in the global market, and we are excited about the opportunities it opens up for us,” shares Attila Algan, co-founder and CEO of Cognitiwe.
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Cognitiwe – The AI solution for retailers
Founded in 2021 by Attila Algan and Mete Bayrak, Cognitiwe aims to support retailers and manufacturers by bringing predictive Vision AI to their daily operations. Cognitiwe offers fresh food retailers a range of products to help them analyze the freshness, stock levels, and sales performance of their shelf stocks.
By doing so, retailers can reduce food waste and conserve resources and materials. Cognitiwe’s proprietary Predictive Vision AI Platform provides real-time insights and data-driven predictions, empowering customers to optimize their operational efficiencies and improve their sustainability and profitability.
“We supported Cognitiwe because we see how their solution solves a pain not only to the retailers but to society as a whole, namely the wastage of food and other products. There are a number of great opportunities in front of the company, and Attila and Mete are coming with an entrepreneurial background that helps them drive innovation in the industry,” points out Ivaylo Simov, Partner at Eleven Ventures.
Cognitiwe’s flagship product, Wefresh, targets the retail industry by offering a cutting-edge solution designed to enhance retail operations. Utilizing advanced artificial intelligence and image processing technology, Wefresh is particularly effective in areas such as quality control, smart stock tracking, and ensuring product freshness.
The approach of combining the output from image processing with data from IoT systems allows for proactive control and efficient stock planning, setting it apart from conventional image processing applications. The partnership of Cognitiwe with Microsoft as a solution partner underscores its commitment to innovation and excellence in artificial intelligence and visual analysis.
Currently serving clients in 15 countries throughout Europe, Cognitiwe is continuing its global expansion.
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