Bengaluru-based artificial intelligence-backed analytics startup Boxx.ai has raised $500K funding led by Unicorn India Ventures.
Angel investors Venky Krishnakumar (Former COO and CFO, Citibank APAC); Suresh Shankar (Founder and CEO, CrayonData); and Vivek Bhargava (CEO, DAN Performance Group) also participated in this round.
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. Boxx.ai aims to change that by simplifying analytics and productising many processes making it cost-effective for companies. We view Boxx.ai as being able to productise and democratise analytics. This is what interested us to invest in the company.”
With this move, Archana Priyadarshini, Venture Partner, Unicorn India Ventures will join the Board and will be working closely with the team.
Boxx.ai was launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj, and Shitiz Bansal. The start-up builds products that use artificial intelligence to solve critical analytics problems at affordable costs.
The start-up will utilise the newly raised funds to upgrade its technology and algorithms platforms and to expand the product portfolio.
AIDA is Boxx.ai’s first product. Its proprietary algorithms predict what each customer is likely to buy in the future. Then it delivers personalised customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook, and on the website or app) based on these predictions.
As per a company statement, AIDA enables Internet companies to provide personalised products (for ecommerce companies), personalised content (for news portals and blogs), improved matchmaking (for matrimonial/dating, job portals) and targeted ads (for publishers with substantial inventory).
Ajay Kashyap, Co-Founder, Boxx.ai said, “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 personalisation, and are 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 personalisation.”
Boxx.ai is currently working with clients in the online space, including the likes of Nearbuy, Clovia, abof, etc.
In April 2017, Delhi-based artificial intelligence startup Innefu Labs raised $2 Mn Series A funding from IndiaNivesh Venture Capital Fund. In May 2017, AI-based chatbot Niki.ai raised funding from global leader in business management software SAP. Other start-ups apart from Boxx.ai that work in the field of artificial intelligence include Arya.ai, Retention.ai, Active.AI, among others.
Source: Inc42
