Bulgaria's Eleven Ventures invests in Cognitiwe

Cognitiwe plans to use the financial injection to expand into new markets and retail segments while implementing additional features and improving its technical capabilities, the Eleven Ventures representative said in response to a SeeNews enquiry.

The platform intends to expand into the EU first by strengthening its team and infrastructure. It will create local teams in markets in Southern Europe and the Gulf Region, with the aim of reaching the US market in the long term.

Cognitiwe will also add fraud and shrinkage detection features and will step step into retailer segments such as cosmetics and electronics.

The company uses internet protocol cameras to provide real-time insights and predictions that improve the daily operations of retailers and manufacturers. It has two pioneering products - WeShelf, which estimates the stock levels of products, and WeFresh, which determines the freshness of fruits and vegetables by analysing factors like colour, shape and size.

Founded in 2021, Talinn-based Cognitiwe seeks to redefine the retail landscape by revolutionising efficiency and sustainability and minimising food waste.

($ = 0.9258 euro)