Bangalore-based Artificial Intelligence-backed analytics start-up Boxx.ai has raised $500K in its Pre-Series A round of funding. The round was led by a Mumbai-based VC firm, Unicorn India Ventures and a cluster of well-known angel investors. Angel investors included Venky Krishnakumar (Former COO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and Vivek Bhargava (CEO, DAN Performance Group).
As the part of the deal, Archana Priyadarshini, Venture Partner, Unicorn India Ventures will be joining the board and will be working closely with the team.
On the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, said:
The present digital world, we live in; data is ubiquitous. Mining data using Artificial Intelligence is what will provide the cutting edge to businesses in the future. However, for long, analytics has carried a tag of being premium or demanding too much investment upfront in people and technology. Therein only large corporates could invest in analytics.
Further adding to that, he said:
Boxx.ai aims to change that by simplifying analytics and productizing many processes making it cost effective for companies. We view Boxx.ai as being able to productize and democratize analytics. This is what interested us to invest in the company
Founded in 2016 by Ajay Kashyap, Prakhar Raj and Shitiz Bansal, alumni of IIT Bombay and IIT Delhi. The platform uses Artificial Analytics to democratize analytics. The main focus of the company is on technology to build products that enable enterprises to solve their most critical analytics problems.
The Bangalore-based startup recently launched their first product, AIDA. The aim of the product is to help personalize their customer touch, thereby improving engagement, increasing transactions and reducing attrition.
Commenting on the company, Ajay Kashyap, Co-founder, Boxx.ai, said:
AIDA is built around its core ‘Individual identities’ philosophy. Every customer is important and different. AIDA’s algorithms find hidden patterns within the data to cater to sparse data, are constantly learning with every new piece of data adding a nuance to the personalization.
He further added that:
They are also genetically evolving to ensure that the most relevant parameters are selected in every scenario. All of this is to ensure that marketers can reach out to each and every individual customer with an unprecedented level of personalization
AIDA’s proprietary algorithms predict what each customer is likely to buy in future, and then deliver personalized customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook and on the website or app). In Boxx.ai’s experience with different clients, this leads to increase of over 40% in sales.
AIDA enables Internet companies to provide personalized products, mainly for e-commerce companies, personalized content, for news portals and blogs, improved matchmaking, for matrimonial/dating, job portals, and targeted ads, for publishers with substantial inventory.
The company is currently working with an array of clients in the online space, including fashion websites, online grocery, education portals, gifts and deals marketplaces.
The company plans to utilize the newly raised funds to upgrade its technology and algorithms platforms. Moreover, they are also planning to expand the product portfolio.