Estonian AI startup Cognitiwe closes a €1M funding round

Tallinn-based AI-driven retail solutions provider Cognitiwe has closed its funding round at €1 million. The investment comes from notable venture capital firms, including TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC, as well as angel investors, EU-Startups reports.

• Founded in 2021 by Mete Bayrak and Attila Algan, Cognitiwe is on the mission to help fresh foods retailers optimize storage and distribution using AI-driven visual analysis. By using regular IP cameras, Cognitiwe’s unified vision platform provides real-time insights and predictions to improve daily operations.
• Cognitiwe currently has two pioneering products. WeShelf, which estimates the stock levels of products in real-time, and WeFresh, which determines the freshness of fruits and vegetables by analyzing factors such as color, shape, and size. According to the company, these solutions can help achieve a 40% drop in missed online orders and a 27% improvement in in-store product availability.

The grand vision for Cognitiwe revolves around redefining the retail landscape, ensuring customers never face the disappointment of encountering “out of stock” products, be it online or strolling through the aisles. More than that, they aspire to revolutionize efficiency and sustainability, minimizing food waste and ensuring every produced item reaches a willing consumer. The ultimate goal is to pave the way for a smarter, more connected, and waste-free retail world,

Eleven Ventures representatives commented.

• Eleven Ventures, a Bulgarian early-stage VC investing in technology companies in Central and Eastern Europe, was one of the main founders in the startup. One of the fund’s most recent investments was in LANGaware during €2 million round.

• The round received support from TechOne VC, an Istanbul-based early-stage VC fund, Flat6Labs, MENA region’s leading VC firm, Domino VC, a Dutch-based early-stage VC fund, and Caucasus VC, which invests in tech entrepreneurs from Caucasus, Central Asia, and Eastern Europe. Several undisclosed angel investors also participated.

With the fresh capital, Cognitiwe remains dedicated to extending its reach to new markets.