-Pi-xcels secures $1.7 million in funding to revolutionize retail transactions with interactive electronic receipt technology
SINGAPORE, Aug. 30, 2023 /PRNewswire/ -- Pi-xcels, a leading innovator in digital receipt solutions, has successfully completed its seed funding round, raising $1.7 million. The round was led by Wavemaker Partners, with participation from other leading venture capital firms such as Hustle Fund, Amand Ventures and Black Kite Capital, as well as strategic angel investors.
The round marks a momentous step toward realizing Pi-xcels' vision of revolutionizing the retail landscape and empowering merchants with its interactive Near Field Communication (NFC) receipt technology.
In addition, it coincides with Pi-xcels' recognition as a recipient of the Tokyo Metropolitan Government's Green Finance Grant Grant and its acceptance into the prestigious Visa Accelerator Program.
"Pi-xcels shapes the future of retail with paperless receipts and data-centric shopping journeys," said Pi-xcels CEO Daniel Lim. "We are among the few use cases for NFC beyond payments. Our app-free technology not only enhances customer experiences, but also equips retailers with valuable data to better understand and meet customer preferences." .
Pi-xcels' NFC-enabled POS device enables contactless, one-touch interactive electronic receipting in stores via a smartphone, eliminating paper waste and encouraging eco-friendly practices. This can be done without the need to download apps, scan QR codes or share personal information, enhancing the shopper experience. It also simplifies the collection of electronic receipts for official claims with a single sign-on, resulting in tidy wallets for end users.
Additionally, the interactive receipt serves as a gateway to omnichannel marketing, enhancing pre- and post-sale experiences for shoppers and providing retailers with expanded marketing avenues. At the same time, Pi-xcels offers comprehensive transaction intelligence in real time, providing valuable data-driven insights for retailers.
"Pi-xcels makes it easy for businesses and payment platforms to adopt digital receipts. In addition to making the process easy for consumers, the solution is already integrated with payment terminals, making it easy for merchants to adopt. The company's technology, bolstered by patents, positions Pi-xcels as an industry leader. We anticipate this technology will set a new standard for retail and inspire businesses to embrace green solutions, contributing to a more sustainable future." said Andy Hwang, general partner at Wavemaker Partners.
The new funds will boost global business development initiatives, in particular by expanding Pi-xcels' footprint in Europe and consolidating key projects in Japan and Southeast Asia. The company has partnered with well-known global brands, such as payment terminal company Ingenico. In general, it has seen increased interest from major corporations in the Asia-Pacific region, as evidenced by non-disclosure agreements that allude to significant market demand.
"We are focused on enhancing our research and development capabilities and strengthening our engineering team with the newly raised capital," Lim said. "This will allow us to be consistent in our delivery of innovative solutions to customers and partners in key markets such as Japan, Spain, Indonesia and beyond."
About Pi-xcels: Pi-xcels is a Singapore-based technology company at the forefront of digital receipt solutions. Leveraging its app-free NFC technology, Pi-xcels enables retailers to issue paperless receipts directly to smartphones, delivering better customer experiences and data-driven insights. With strategic partnerships and growing demand, Pi-xcels is reshaping the retail industry. For more information visit www.pi-xcels.com/
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