Serbian South Central Ventures led a €1M seed round for Dutch ecommerce startup Pixyle AI
08 December, 2022, 17:46
The Amsterdam-based visual AI startup for e-commerce Pixyle AI has received €1 million in a seed round to hire new employees and expand its AI products. Serbian VC fund South Central Ventures is a leading investor.
- Founded in 2018 by Svetlana Kordumova, a PhD in AI and Computer vision from the University of Amsterdam, Pixyle develops AI-based platform that helps fashion retailers with image recognition solutions to deliver a better online shopping experience, boost e-commerce sales, and improve efficiency in catalog management.
- Pixyle AI solution generates tags which can be easily absorbed into a retailer’s existing e-commerce stack, making their search, and discovery platform run seamlessly and faster.
“In search, understanding customers’ shopping intent is vital. We are laser focused on this, using neural networks that train Pixyle’s AI algorithms to see and interpret images exactly how humans would. We’re trying to make online shopping as frictionless as possible, and hopefully a bit more fun and enjoyable, by letting people easily find what they are really looking for,”Svetlana Kordumova, founder and CEO of Pixyle AI commented.
- Pixyle AI has offices in Amsterdam and North-Macedonia, among its clients are Tendam, Otrium, and Miinto. Since launching Pixyle AI has tagged over 250 million images, improving the relevance and accuracy of product attributes with 95% accuracy, and increasing conversions by 10% on average.
- The fresh round was led by Serbian South Central Ventures that focuses on early-stage high-growth companies operating in fintech, agritech, advertising technology, SaaS, and has offices in Belgrade, Zagreb and Skopje. The fund’s ticket is up to €5 million.
- Pixyle AI will spend the fresh investment to further expand its geographic reach, enhance the product offering, and move into new verticals.