RECKON.AI IS THE FIRST STARTUP TO BE TARGETED FOR INVESTMENT BY THE NOS 5G FUND
- The NOS 5G Fund led the round of seed investment in the startup company Reckon.AI with a sum of 1.5 million euros
- The Portuguese technology company is developing artificial intelligence and computer vision solutions applied to the retail sector
- 5G will bring significant improvements to the company's business model, ensuring greater flexibility, efficiency and scalability
The NOS 5G Fund, managed by Armilar Venture Partners, made its debut in startup investments with business models supported by 5G and led, in conjunction with Portugal Ventures, the round of seed capital in the Portuguese technology company Reckon.ai to a total of 1.5 million euros, which also involved the Portuguese investors Bright Pixel and WiseNext.
With an initial share capital of 10 million euros and an estimated investment period of five years, the NOS 5G Fund is the first in Portugal focused on new mobile technology. Its goal is to invest in innovative technological solutions, ranging from network infrastructure to products and solutions for customers, giving priority to technology projects in their first phase of development.
Reckon.ai, the first startup targeted for investment by the NOS 5G Fund, is a Portuguese technology startup based in Porto, which develops artificial intelligence and computer vision solutions applied to the retail sector. Founded in 2017 by Ana Pinto (CEO) and Paulo Ribeiro (CTO), it is currently developing its technology for automated retail and, with its "BuyBye" solution, has made the grab-and- go concept a reality for making stand alone and automated purchases.
The solution, based on computer vision technology, consists of a display showcase that combines cameras with load sensors to obtain images and changes in weight on the shelves in order to work out all the movements of products on sale. The showcase has a door, controlled by the system and which can be unlocked through an app, used to identify the customer and process payment.
Jorge Graça, CTO of NOS, highlights the fact that "the investment in Reckon.ai is a historic milestone for the NOS5G Fund, the only one in Portugal set up to support technology startups that make the utmost of the potential of fifth generation mobile communications. We are really excited to be supporting Reckon.ai to develop its highly innovative solutions, which we know will benefit hugely from the introduction of 5G".
Ana Pinto, CEO and Co-founder of Reckon.ai, says that "the closure of this round of seed investment means that Reckon can enter a new phase of growth. We believe that the group of investors that we have bought together will help us drive the growth of the business very rapidly, enabling us to reach the priority markets identified in our strategy, in which this kind of technology is adopted to a greater degree. NOS is a crucial partner for our technology strategy, and we are very enthusiastic to be able to count on its support and know-howin 5G, which will enable us to take our solution to another level".
RECKON.AI IS THE FIRST STARTUP TO BE TARGETED
FOR INVESTMENT BY THE NOS 5G FUND
The NOS 5G Fund
The NOS 5G Fund has an initial sum of 10 million euros available to invest in growing companies with technological solutions based on or leveraged by the next mobile network generation, covering areas as varied as network technologies, the Internet of Things (IoT), data & analytics, cloud computing, virtual and augmented reality, and cyber security, among others.
With the set-up of the NOS 5G Fund, NOS has become the first communications company to set up an investment fund exclusively dedicated to the fifth generation of mobile networks, consolidating its focus on the leadership in 5G and strengthening its commitment, both to the development of a technologically more advanced and innovative country, and to Portuguese entrepreneurs.
Reckon was founded in 2017 with the goal of automating retail through the use of computer vision and artificial intelligence. It develops solutions that allow totally automated points of sale to be created. Reckon's proprietary technology enables retailers to implement new business models that benefit from new trends in purchasing and logistics, as well as responding to the growing requirement of customers to have simplified and convenient buying experiences.
For more information, please go to www.reckon.ai
NOS is the biggest communications and entertainment group in Portugal. It offers latest generation fixed and mobile phone, television, Internet, voice and data solutions for all market segments. It is leader in cinema film distribution and exhibition with the greatest number of cinema complexes and cinema theatres in Portugal.
NOS has 5 million mobile phone, 1.7 million television, 1.8 million fixed telephone and 1.5 million fixed broad band Internet customers.
For more information, please go to http://www.nos.pt/institucional
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Nos SGPS SA published this content on 07 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2021 08:21:10 UTC.