Bengaluru-based artificial intelligence analytics startup Boxx.ai has raised $500,000 from Unicorn Ventures and a clutch of investors.
The angel investors include Venky Krishnakumar (Former COO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and Vivek Bhargava (CEO, DAN Performance Group).
Launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and Shitiz Bansal, Boxx.ai builds products that use Artificial Intelligence to solve critical analytics problems quickly and at affordable costs.
It is currently working with an array of clients in the online space, including fashion websites, online grocery, education portals, gifts and deals marketplaces.
AIDA is Boxx.ai’s first product. AIDA’s proprietary algorithms predict what each customer is likely to buy in future, and then deliver personalized customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook and on the website or app).
Boxx.ai plans to utilize the newly raised funds to upgrade its technology and algorithms platforms, and to expand the product portfolio.
Ajay Kashyap, co-founder, Boxx.ai, says, "AIDA is built around its core ‘Individual identities’ philosophy. Every customer is important and different. 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 personalization, 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 personalization."
Archana Priyadarshini, Venture Partner, Unicorn India Ventures will be joining the board of the company.
“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 productizing many processes making it cost effective for companies. We view Boxx.ai as being able to productize and democratize analytics. This is what interested us to invest in the company,” says Bhaskar Majumdar, Managing Partner, Unicorn India Ventures.