Estonian CognitiweAI OÜ secures $1.05M to expand its retail solutions

The Tallinn-based CognitiweAI OÜ has secured $1.05 million funding round led by TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC. The investment will accelerate the global expansion of its AI-driven retail solutions.

  • CognitiweAI specializes in AI solutions for visual analysis. Its product, Wefresh, targets the retail industry by offering a solution designed to enhance retail operations. Utilizing artificial intelligence and image processing technology, Wefresh provides real-time insights and data-driven predictions, enabling retailers to optimize their business operations.
  • The startup claims that its technology is effective in areas such as quality control, smart stock tracking, and ensuring product freshness. In 2022, CognitiweAI received its first investment round led by TechOne VC, with the participation of StartersHub, Startup Wise Guys, and EGIAD Angels.

Throughout our journey, while perfecting our product, we have also focused on the necessary infrastructure work to become a global player. We have signed contracts with local partners and global sales networks in many different regions of the world. As a result, we have gained significant visibility in various regions, from South America to Australia, from the Middle East to Europe. With the conclusion of our new investment round, we will focus on growth by both enhancing our team and engaging in more intensive activities to reach customers,

CognitiweAI OÜ co-founder and CEO, Attila Algan stated.

The fresh round saw participation from several venture capital firms and angels, including:

  • TechOne VC, an Istanbul-based smart capital fund that invests in seed and early-stage technology startups with technology and disruptive business models;
  • Eleven Ventures, a pre-seed and seed VC based in Sofia, supporting entrepreneurs in South Eastern Europe;
  • Flat6Labs, an Egypt-based MEA’s seed and early stage venture capital firm, currently investing in more than 100 technology-driven startups;
  • DOMiNO Ventures, an early stage venture capital fund operating worldwide from its offices in Amsterdam, Istanbul, Tallinn, Tbilisi, Baku, Astana, and Tashkent;
  • Caucasus, a Baku-based VC fund that invests in tech entrepreneurs from Caucasus, Central Asia, and Eastern Europe.

The funding will be used to establish Cognitiwe solutions on the market, to expand its solutions globally, focusing on growth through team expansion and the development of more intensive activities to reach customers.