Unbxd enables personalised site search, navigation, product recommendations and merchandising for leading online retailers
Unbxd, a cloud-based product discovery platform for e-commerce companies, has raised US$12.5 million in Series C round of funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International.
Existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures, besides Infosys Co-founder Kris Gopalakrishnan, also co-invested.
Bangalore- and US-based Unbxd will use the funds to enhance its proprietary intelligence engine, which captures and processes more than 50 shopper data signals to power personalised search, navigation and product recommendations on e-commerce sites. The company will also open new offices to be closer to its customers in Chicago and New York.
Founded in 2010, Unbxd applies AI and advanced data sciences to connect shoppers to the products they are most likely to buy. It enables personalised site search, navigation, product recommendations and merchandising for leading online retailers. Its customers include Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply in the US. The platform powers more than 1.5 billion shopper interactions a month, it claims.
“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 and 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 at Eight Roads Ventures.
Unbxd claims its product discovery and search platform powers more than 120 US online retailers and its revenues grew 400 per cent in the past year.
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