Lithuanian Startups to Receive 700,000 Euros from X5 Retail Group
X5 Retail Group, leading Russian food retailer (LSE and MOEX ticker: “FIVE”), has launched the review process of technological startups from Estonia, Latvia and Lithuania to implement their solutions at the corporation’s own retail chains. The best companies will be given access to the infrastructure resources and expertise of the country’s largest retailer as well as an opportunity to implement a pilot project with a budget of up to 700,000 euros.
The first stage of the competition envisions a pitch session with 15 startups that will take place in real time. The selection process is open to startups that develop solutions using Computer Vision, The Internet of Things (IoT), Robotics, AR/VR, Blockchain and other technologies. The applications are accepted online until August 2.
The corporation is especially interested in the instruments that are capable of automating and improving effectiveness of the operational business processes at the stores, logistical infrastructure (transportation, warehouses), retailer’s back office, as well as the solutions that help to improve client experience and increase the customers’ loyalty both offline and online.
Based on the results of the application stage, 15 startups will be invited for negotiations as part of the pitch session with X5 experts. The pitch session will take place in August 2019. Pilot project scenarios will be developed with the companies that conform to the corporation’s requirements, and deadlines and KPIs will be set. This will provide the startups with an opportunity to implement their projects at 15,000 stores and 40 distribution centers at 65 regions of X5’s presence in Russia.
“X5 Retail Group is actively searching for and implementing new technologies. We believe that innovations define the future of retail. X5 Lab was established to simplify implementation and scaling of new technologies into the company’s business processes. Over two years of the lab’s work, we have carried out more than 100 projects with startups. We believe that the new selection process will help us to attract promising technological companies not just from Russia, but also from Estonia, Latvia, Lithuania,” says Denis Levchenko, head of innovation management at X5 Retail Group.
Such selection processes will also take place in Russia, Ukraine, Belarus, Kazakhstan and other countries. The first round of project selection is being held until August 2, 2019 in Estonia, Latvia and Lithuania. To submit application and learn all the details, please visit http://x5start.vc. The selection process is run by GoTech Innovation.