Unicorn India Ventures invested in Bangalore-based artificial intelligence startup Boxx.ai. The startup founded by Ajay Kashyap, Prakhar Raj and Shitiz Bansal uses artificial intelligence to democratize analytics and recently launched their product AIDA. Set up in 2016, this young seven-member startup set up in 2016 recently debuted the Beta Version of their first product – AIDA, aimed at marketers to help personalize their customer touch, thereby improving engagement, increasing transactions and reducing attrition.
The startup has raised $500K funding led by Unicorn India Ventures. News reports suggest that angel investors Venky Krishnakumar, Suresh Shankar founder-CEO, CrayonData and Vivek Bhargava, CEO, DAN Performance Group also took part in the funding round.
According to Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, what led to this investment was Boxx.ai’s core technology that simplifies analytics and makes it cost-effective for companies. “In the present world we live in, data is ubiquitous and mining insights from data using artificial intelligence is what will provide the cutting edge to businesses in the future. For too long, analytics has carried a tag of being premium or demanding too much investment upfront in people and technology. Hence, only large corporates were able to invest in analytics but this has changed with Boxx.ai that aims to change that by simplifying analytics and productising many processes making it cost-effective for companies.”
Speaking to Analytics India Magazine, Kashyap, Boxx.ai co-founder who has had stints at Crayon Data, IBM, McKinsey & Co and has filed three patents for solutions in choice engines before founding the startup, says every organization faces three major hurdles: a) for analytics, it always takes a fair bit of time to show results, leading up to 12 months; b) the solutions are expensive; c) large investments, but results are unknown and not every company can install their own analytics unit.