Pixevia Scoops $1.18 Million to Develop AI-based Smart Retail Store
Summary
In a latest funding round, Pixevia, a retail automation company, has announced receiving $1.18 Million USD (1 Million Euros) investment for R&D of AI-driven smart store technology.Currently, Pixevia combines complex AI and Machine Learning algorithms, information from video cameras, and sensors. Now, with the acquired capital at hand, its planning further expansion throughout Europe.Smart shopping is contactless, fast, and could prevent profits from going down the drain. It eliminates physical contact, while the security system installed inside the store automatically disinfects the premises when there are no people.He also noted that smart stores may be one the best solutions to keep retailers and shoppers safe while nations worldwide are still in the midst of fighting the virus outbreak, as it reduces human contact to the bare minimum, thus capping the risk.The smart stores operate by using ceiling cameras that observe customers and smart shelves, which enables them to keep track of the products. Pixevias AI algorithm continuously analyzes the data received from the cameras and shelves to ensure the process is swift and accurate.The idea of 24-hour automated stores has been on the rise for a while now, and for good reason. By contributing to the development of this technology, we are taking a strategic step towards the future of retail.In the future, the company aims to set up convenience stores without cashiers or long queues on every corner of every city and reduce the consumers shopping time to as little as 20 seconds.The technology, developed by Pixevia, has been in production since 2019 and is being continuously refined due to the companys innovation-driven approach.