Germany-based VisionAI, an AI research lab, announced that it has secured €5M in funding and onboarded HV Capital as an additional venture capitalist.
As VisionAI continues to expand and evolve, it plans to use the recent funding to internationalize its business further.
The company aims to level the playing field by offering independent AI technologies to SMBs, enabling them to harness the power of AI in their online operations.
VisionAI’s journey began with the founding of Recommendy, an online shop that aimed to connect customers with product manufacturers through product photos.
However, when the potential clients expressed greater interest in the underlying technological solutions, VisionAI pivoted to become a technology platform.
Renamed VisionAI at the beginning of the year, the company has 30 employees with 18 dedicated to technical development, collaborating closely with Bielefeld University.
VisionAI has developed a suite of AI-powered solutions aimed at helping small and medium-sized businesses (SMBs) build their online presence and compete with industry giants like Amazon and Alibaba.
Within just 15 months of inception, the company has generated sales of €1.5M and acquired 120 customers globally, including renowned names like New Balance, Zurbrüggen, and Intersport.
Read more on Tech Gist Africa: