PixelPai ApS

The company was incorporated on November 30, 2023, but development activities commenced in earnest in February 2024, following initial setup and strategy formulation. Our first breakthrough came with the successful development of a Proof of Concept for a client in Singapore, centered on identity verification and a GDPR-compliant data architecture. This engagement progressed to commercial sales, including onboarding fees, and laid the groundwork for our broader platform vision. Building on this momentum, we expanded our platform to support digital asset infrastructure, including the implementation of a custodial solution that supports tokenized money. This strategic move enabled us to segregate customer funds and assets in compliance with regulatory requirements, providing a strong foundat…

Description of material changes in activities and financesThroughout 2024, we achieved a series of strategic and operational milestones: • Launched Identity as a Service (IDaaS): In May 2024, we launched a secure identity and credentials management system that is live and generating revenue. This marked our first product going from prototype to production with commercial traction. • Fraud detection toolkit released: In November 2024, we released a freemium analytical toolkit for detecting fraud and wash trading in NFT markets. This toolkit serves as an entry point for client engagement and is central to our analytical product strategy. • Secured pre-seed funding and EIFO support: We successfully raised pre-seed capital from four angel investors and secured a match loan from the Danish Exp…

With a fully operational IDaaS product, solid analytical foundations, a compliant digital asset platform, and an MVP tailored for the gaming sector, the company enters 2025 with multiple validated use cases and growing market interest. However, we acknowledge that 2024 was marked by significant headwinds, particularly in terms of customer demand and access to capital. The changing global regulatory climate, especially following the U.S. presidential election, has shifted investor sentiment. Many venture funds are refocusing on US-based Web3 opportunities, where regulatory pathways are perceived to becoming much clearer and compliance costs lower. This shift has also influenced the behaviour of gaming studios, some of which are pivoting away from the EU or repositioning their EU focus to r…

After the balance sheet date the Company has received a capital increase of DKK 800 thousand.​​The management has prepared the annual report on the assumption of going concern. This assessment is based on the company having entered into a binding, conditional investment agreement with a group of investors in June 2025. The investment is expected to be completed in July 2025, provided that certain conditions are met – which management believes are highly likely to be fulfilled. ​The company has sufficient liquidity to maintain operations until the expected capital injection is received. On this basis, management considers that the conditions for preparing the annual report on a going concern basis are present. Even in the event that the investment does not materialise as expected, management believes that the company will be able to continue its operations through a combination of available liquidity, cost adjustments, and access to alternative funding options. On this basis, management still considers the going concern assumption to be appropriate. ​