Unbxd, the cloud-based product discovery platform for e-commerce, has raised $12.5 million in Series C funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, and from existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures. Unbxd will further invest in its artificial intelligence (AI) powered platform that enables online retailers to capture the 15%-40% in revenue that is lost due to a poor product discovery experience.
Kris Gopalakrishnan, Infosys Co-Founder, also invested in the round. Avendus Capital was the exclusive financial advisor to Unbxd’s Series C round.
Retail’s success in e-commerce has become more critical now than ever and heavily hinges on customer experience. The Unbxd AI powered personalized product discovery platform uniquely understands users’ intent to significantly enhance their online shopping experiences, increasing conversions and revenue.
“Traditional rules-based e-commerce technology is hard for retailers to manage while also 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,” said Pavan Sondur, Co-Founder & CEO of Unbxd.
“Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, Managing Partner, Eight Roads Ventures.
The funds raised will be invested in enhancing Unbxd’s proprietary Intelligence Engine. 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. Unbxd will also open new offices, to be closer to its customers in Chicago and New York.
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.