Wavemaker Partners led $1.7 M Seed funding received by NFC tech startup Pi-xcels
Customers can get their e-receipts for in-store purchases with just a contactless tap of their smartphone without downloading an app or scanning a QR code.
The Singapore-based startup Pi-xcels, which uses NFC technology to provide digital receipt solutions, claims that its product has the potential to influence how retail operates in the future.
The company’s seed funding round, which was organized by Wavemaker Partners, brought in US $1.7 million. Hustle Fund, Amand Ventures, and Black Kite Capital were other investors.
“We are among the few use cases of NFC beyond payments,” CEO and founder Daniel Lim said in a statement. “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.”
General partner at Wavemaker Partners Andy Hwang predicted that this technology would raise the bar for retail and encourage companies to adopt green practices.
According to Pi-xcels, a well-known convenience store chain in Indonesia helped launch the company’s technology at first. Instead of working directly with retailers, it typically partners with financial and payment institutions, including those in Singapore, Japan, Singapore, France, Spain, and other countries.
Seven startups were selected for the Visa Accelerator Program in Asia Pacific in 2023, and one of them was Pi-xcels.
