HAVEL & PARTNERS in Slovakia assisted Photoneo in a unique and unprecedented transaction. This deal secured financing for Brightpick, a division focused on developing automated robotic systems, combining debt and equity financing totalling $12 million.

The team, led by partner Jaroslav Baier and comprising associates Kristína Saktorová, Miriama Podskubová, and junior associate Róbert Košala, negotiated the contractual documentation, including the loan agreement and other legal instruments, and led negotiations with individual investors during the related investment interim round.

The venture debt, amounting to EUR 5 million, is the largest of its kind in Slovakia’s history. The debt financing was provided by the European Bank for Reconstruction and Development’s (EBRD) Venture Capital program, which supports startups, innovative firms, and tech companies. In this respect, HAVEL & PARTNERS also provided legal advice during the investment interim round in form of equity financing, which included EBRD Venture Capital and existing investors.

This transaction is considered groundbreaking due to its complex structuring and the financial instruments used.

Venture debt is a form of debt financing primarily aimed at startups and fast-growing companies that have previously secured venture capital investments. It provides additional growth funding with minimal dilution of founders’ or existing investors’ shares. In the American variant, a standard financing tool for startups in the USA for several decades, the lender also receives warrants (options) for future equity in the company.

The investment will support Brightpick’s expansion into the U.S. market.

Photoneo, founded in 2013, is a Slovak company specialising in the development and implementation of proprietary 3D machine vision using AI. Its robotic technologies are used in warehouses across various industries, including food, automotive, logistics, e-commerce, and healthcare. These technologies fully automate order fulfilment processes, reducing operational costs and staffing requirements. Brightpick was spun off from Photoneo in 2021.