Estonian AI-driven startup Cognitiwe has secured €1M in a funding round led by TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC.
Founded in 2021 by Attila Algan and Mete Bayrak and headquartered in Tallinn, Cognitiwe aims to support retailers and manufacturers by bringing predictive Vision AI to their daily operations. Cognitiwe offers fresh food retailers a range of products to help them analyse the freshness, stock levels, and sales performance of their shelf stocks.
Retailers can reduce food waste and conserve resources by using Cognitiwe’s Predictive Vision AI Platform. It offers real-time insights and predictions to help improve operational efficiencies and sustainability, ultimately increasing profitability.
“This funding will enable us to establish Cognitiwe as a market leader in AI-supported image processing technologies in the global market, and we are excited about the opportunities it opens up for us”, shared Cognitiwe’s co-founder and CEO Attila Alga.
Cognitiwe co-founders Attila Algan and Mete Bayrak
Cognitiwe’s primary product, Wefresh, enhances retail operations by using advanced artificial intelligence and image processing technology. It improves quality control, tracks stock effectively, and ensures product freshness in the retail sector.
By integrating image processing with IoT data, Cognitiwe distinguishing itself from traditional image processing applications. As a proof of their innovative approach, they recently achieved an official partnership with Microsoft, a global leader in AI innovations.
Currently serving clients in 15 countries throughout Europe, Cognitiwe is continuing its global expansion, eying the US market as a long-term goal.
“We supported Cognitiwe because we see how their solution solves a pain not only to the retailers but to society as a whole, namely the wastage of food and other products. There are a number of great opportunities in front of the company, and Attila and Mete are coming with an entrepreneurial background that helps them drive innovation in the industry”, said Ivaylo Simov, Partner at Eleven Ventures.
Estonia is proven hotbed for AI innovations, with both private and public investments flocking into the sector. The Ministry of Economic Affairs and Communications has developed an action plan for Estonia to widely adopt artificial intelligence-based solutions in the public and private sectors by 2030. The state will allocate €85 million in funding over the next few years to implement this, reports ERR.
Read more about business opportunities Estonia offers in the food industry here and send us an e-Consulting request to get more detailed information.
