Lithuanian Perfection42 raises €1.1M in a seed round
The Vilnius-based Perfection42 that provides an AI-based technology for game developers has raised €1.1 million in a seed round for product development and international expansion. The round was co-led by Open Circle Capital and CoInvest Capital, with participation from Lithuanian Business Angel Network LitBAN syndicate, and other business angels.
- Founded in 2018 by Simona Vasyte-Kudakauske and Kestutis Tauckela, Perfection42 develops artificial intelligence capabilities for automating the process of creating 2D and 3D computer graphics. The startup’s goal is to help creators unleash their creative potential by removing technical and repetitive tasks that often prevent creativity.
“Perfection42’s artificial intelligence technology solves one of the main problems of game and film studies – it reduces the budget and time spent on creating video graphics several times. I have no doubt that this type of technology will revolutionize the creation of high-quality video films and games, and Perfection42 has every opportunity to be at the forefront of this change. We are pleased to continue to support the experienced team and invest in the development of this ambitious product,”said William Cardwell, partner of Open Circle Capital.
- The fresh round was led by Lithuanian Coinvest Capital, an early-stage risk capital fund, investing in young promising Lithuanian companies. Currently, the fund’s portfolio already includes 25 startup companies, among them is €3 million investment for HeavyFinance. Another leading investor is Open Circle, which invests in Lithuanian companies developing products in high-tech fields.
- The company plans to use the investments for the improvement of technology, marketing and organization of sales in foreign markets.