Product discovery and analytics service provider Unbxd raised 12.5 million dollars in Series C funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, and from existing investors including IDG Ventures, Inventus Capital Partners and Nirvana Ventures. With the funds, the Bangalore based startup will invest in its artificial intelligence (AI) powered platform to enable online retailers to capture the 15%-40% in revenue that is lost due to a poor product discovery experience.
The startup power 120+ US online retailers and helps them boost revenue through better product discovery. What’s unique about the Unbxd AI is that it powers personalized product discovery platform and understands user’s’ intent to enhance their online shopping experiences, increasing conversions and revenue.
The current round of funding will be used to boost Unbxd’s proprietary Intelligence Engine. According to a statement, the Unbxd Intelligence Engine today captures and processes more than 50 shopper data signals, to power personalized search, navigation and product recommendations on e-commerce sites. The startup also plans to open new offices in Chicago and New York to be close to the customers. Unbxd enables personalized site search, navigation, product recommendations and merchandising for leading online retailers including Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply. The statement reveals the startup powers more than 1.5 billion shopper interactions a month.
Kris Gopalakrishnan, Infosys Co-Founder, also invested in the round. Avendus Capital was the exclusive financial advisor to Unbxd’s Series C round. The statement sheds light on the robust growth of the startup – Unbxd revenue grew 400% in the past year and it strengthened its Internet Retailer 500 customer base by adding leading retailers including Ashley HomeStore, Express and FreshDirect.
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According to Pavan Sondur, Co-Founder & CEO of Unbxd, “Traditional rules-based e-commerce technology is hard for retailers to manage and at the same time delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek”.