Vilnius-based startup Perfection42, formerly Perfection.AI, has raised €1.1 million in a seed round from CoInvest Capital, OCC, Lithuanian Business Angel Network LitBAN syndicate, Justas Janauskas, and other business angels. Perfection42 develops new artificial intelligence capabilities for automating the process of creating 2D and 3D computer graphics. The startup’s goal is to help Creators unleash their creative potential by removing technical and repetitive tasks that often prevent creativity. The funding will enable the startup to improve its technology and extend its operations into new markets.
Perfection42 provides an artificial intelligence solution for game development, animation, architecture, design, and art industries. The solution helps reduce the time required to render computer-generated imagery (CGI), eliminating multiple manual repeating processes and increasing work efficiency without sacrificing quality.
“Our target is the big animation, CGI and game studios. We want to sell our technology to Hollywood, and it’s not just a marketing buzzword – our product can already handle 4k resolution images and video at the highest quality today. The problem we are facing is that the results we are achieving are not stable so far, so we will use the received investment to solve this problem. We are very lucky that since the first days of the company’s operation, Perfection42 has been accompanied by understanding and supportive investors, whose team this time decided to finance the planned growth leap. Another success factor can be the rapidly spreading interest in everything related to AI technologies,” said S. Vasytė-Kudakauskė.
“Artificial intelligence technologies are currently very popular. But the world of AI is extremely diverse, most of it lies in the depths of the technological ocean accessible only to professionals, far from the hustle and bustle of the crowd. Perfection42 is one of those companies that investors really like, constantly improving their product patiently and having ambitions to become the best in their chosen business niche. This team has already proven that they are capable of creating world-class AI solutions even with limited resources, so we are proud to provide additional opportunities to expand even faster together with business angels and the OCC Fund. The growing popularity of AI benefits all varieties of this technology, so I am sure that the epidemic of interest in artificial intelligence will act as a wind in the sails of the growth of Perfection42”, said Viktorija Trimbel, director of CoInvest Capital.
“The attention of business angels was attracted by the complex of complementary technical and sales competences of the members of the Perfection42 team, the signing of significant service sales contracts with target foreign customers in the last year, which signaled a good fit of the startup’s product to the market and a proper orientation towards maintaining relations with customers and their expansion”, added the head of the syndicate of business angels, Dr. Audrius Dzikevičius.
“Perfection42’s artificial intelligence technology, which has been developed for five years, solves one of the main problems of game and film studies – it reduces the budget and time spent on creating video graphics several times. I have no doubt that this type of technology will revolutionize the creation of high-quality video films and games, and Perfection42 has every opportunity to be at the forefront of this change. We are pleased to continue to support the experienced team and invest in the development of this ambitious product,” said William Cardwell, partner of Open Circle Capital.
Justas Janauskas, cofounder of the first Lithuanian unicorn Vinted, says “I have been with the Perfection42 team since its inception in 2018, and today I am sincerely happy with what the team has managed to achieve during the last five years of tireless work . The new investment is the result of that long work and results. They still have a long way to go in realizing their vision, but today a solid foundation has already been laid to move forward. The technology created by the team shows great potential, and if they manage to stabilize it, they have a great chance to greatly improve the efficiency of work in various creative industries.”
