The round was led by Wavemaker Partners, with participation from other prominent 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 towards realising Pi-xcels’ vision of revolutionising the retail landscape and empowering merchants with its interactive Near Field Communication (NFC) receipt technology.

Additionally, it coincides with Pi-xcels’ recognition as the recipient of the Tokyo Metropolitan Government Green Finance Subsidy Grant and acceptance into the prestigious Visa Accelerator program.

“Pi-xcels is shaping the future of retail with paperless receipts and data-centric shopper journeys,” said Pi-xcels CEO Daniel Lim. “We are among the few use cases of NFC beyond payments. Not only does our app-less technology enhance customer experiences, it also equips retailers with valuable data to better understand and cater to customers’ preferences.”

Pi-xcels’ NFC-enabled POS device enables the issuance of interactive e-receipts in stores through a contactless tap via a smartphone, eliminating paper waste and fostering eco-friendly practices. This can be done without the need for app downloads, QR code scans, or personal information sharing, enhancing the shopper experience. It also simplifies the compilation of e-receipts for official claims with a single sign-on, resulting in clutter-free wallets for end-users.

Furthermore, the interactive receipt serves as a gateway to omni-channel marketing, enhancing pre- and post-sale experiences for shoppers and providing retailers with expanded marketing avenues. Simultaneously, Pi-xcels offers real-time, comprehensive transaction intelligence, providing valuable data-driven insights for retailers.

“Pi-xcels makes it seamless for businesses and payment platforms to adopt digital receipts. Apart from making the process frictionless for consumers, the solution is already integrated with payment terminals, making it easy for merchants to adopt. The company’s technology, fortified by patents, positions Pi-xcels as an industry leader. We foresee this technology setting a new standard for retail and inspiring businesses to embrace eco-friendly solutions, contributing to a more sustainable future,” said Andy Hwang, General Partner at Wavemaker Partners.

The fresh funds will fuel global business development initiatives, particularly expanding Pi-xcels’ footprint in Europe and cementing key projects in Japan and Southeast Asia. The company has partnered with esteemed global brand names like payment terminal company Ingenico. Overall, it has witnessed a surge of interest from major corporations in the Asia-Pacific region as evidenced by non-disclosure agreements alluding to significant market demand.

“We are focused on advancing our research and development capabilities and strengthening our engineering team with the newly raised capital,” said Lim. “This will enable us to be consistent in our delivery of innovative solutions to customers and partners in key markets like Japan, Spain, Indonesia, and beyond.”