Unbxd, an e-Commerce product discovery platform, has raised $12.5 million in Series C funding led by Eight Roads Ventures, the investment arm of Fidelity International Limited. The company will use the funding to enhance its proprietary Intelligence Engine and open new offices in Chicago and New York.
The Unbxd Intelligence Engine uses Artificial Intelligence (AI). It is designed to capture and process shopper data signals, power personalized product search and discovery and recommend products on e-Commerce sites. These improvements can help online retailers capturerevenue that is lost due to a poor product discovery experience.
Existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures also contributed to the funding. Kris Gopalakrishnan, Co-Founder of Infosys, also invested in the round.
“Traditional rules-based e-Commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers,” said Pavan Sondur, Co-Founder and CEO of Unbxd in statement. “With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek.”