Portuguese Reckon.ai, a startup that develops artificial intelligence and computer vision solutions applied to retail, announced a seed round investment of €1.5 million, led by Nos 5G fund and Portugal Ventures. Bright Pixel and WiseNext are the other two investors.
This is also the first investment of the fund created by Nos, which has an initial capital of €10 million. The money will be applied, within an estimated timeframe of five years, to companies developing innovative solutions linked to the new mobile technology. This ranges from network infrastructure to products or services for customers, favouring technological projects in the early stages of development.
Reckon.ai was founded in 2017 by Ana Pinto (CEO) and Paulo Ribeiro (CTO), based on computer vision technology. It began by offering a price analysis platform to help retail chains define pricing strategies and then focused on automating the purchasing process for consumers.
At the moment it is developing the “BuyBye” solution, which uses computer vision, artificial intelligence algorithms and sensors to materialise the grab-and-go concept, where the customer can pick the desired products from the shelves and leave without the need to scan the price or go through a cashier. Payment is made automatically on the smartphone.
“The closing of this seed round allows Reckon to enter a new phase of growth. We believe that the set of investors we have gathered will help us speed up the business, reaching priority markets within our strategy, where there is greater adoption of this type of technology”, says Ana Pinto, CEO and co-founder of Reckon.ai, in a statement released by Nos.
Jorge Graça, CTO of Nos, points out that “the investment in Reckon.ai represents a historic milestone for the Nos 5G Fund, the only one in Portugal set up to support technology startups to take full advantage of the potential of the fifth generation of mobile communications. We are very excited to support Reckon.ai in developing its highly innovative solutions.”