Bengaluru and California-based product discovery platform Unbxd raised $12.5 million in a Series C funding round. This round was led by Eight Roads Ventures with participation from Infosys co-founder Kris Gopalakrishnan. Existing partners IDG Ventures, Inventus Capital Partners, and Nirvana Ventures also participated in this round with Avendus Capital as the exclusive financial adviser.
Unbxd is a data analytics based solution for e-retailers to cash in on more product sales through search, merchandizing, and recommendations on their websites. It has successfully helped a multitude of e-retailers across the world and is a global service provider that originiating in Bengaluru, India.
Unbxd, founded in 2011 by Pavan Sondur and Prashant Kumar, focuses on search and discovery of products on e-commerce platforms. They connect shoppers to the products they are most likely to buy by applying artificial intelligence and advanced data sciences.
The founders plan to use this investment in its artificial intelligence powered platform. This platform allows online retailers to capture revenue that is lost due to poor product discovery which amounts to almost 15%-40%. They also plan on opening new offices in Chicago and New York that are closer to its customers.
The founders were able to raise seed funding in 2012 followed by a $2 million Series A funding round in 2013 and an undisclosed amount of Series B funding round in 2016. Speaking about the Series C funding round Managing Partner of Eight Roads Venture Raj Dugar said that this was the right time to accelerate its go to market strategy because of its great product and market fit.
Their artificial intelligence tracks online shoppers in real time to understand user intent and enhance their online shopping experiences. In a statement, the company claims that their revenue increased by 400% since last year and have added leading retailers like Ashley HomeStore and FreshDirect to their consumer base.
Measurable results through its technical implementations and has been headed towards massive expansion ever since it was founded due to an innovative, efficient and robust solution for e-retailers that increases their business. If any company can deliver this level of user personalization on site through data analytics and increase
revenue measurably, it is bound to be successful.