Boxx.ai, a Bengaluru based startup run by AIBoxx Solutions Pvt. Ltd, has raised $500k from Unicorn India Ventures and a group of angel investors including Venky Krishnakumar (FormerCOO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and Vivek Bhargava (CEO, DAN Performance Group).
The firm intended to utilize the newly raised funds to upgrade its technology and algorithms platforms, and to expand the product portfolio.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures in a statement 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 corporate 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.”
Boxx.ai was launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and ShitizBansal. It builds products that use Artificial Intelligence to solve critical analytics problems quickly and at affordable costs and is currently working with an array of clients in the online space, including fashion websites, online grocery, education portals, gifts and deals marketplaces and others.
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 carriers (emails, app notifications, browser notifications, Facebook and on the website or app). This has led to increase of over 40% in sales, the company claimed.
Ajay Kashyap, Co-founder, Boxx.ai, said, “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.”
AIDA enables Internet companies to provide personalized products (for e-commerce companies), personalized content (for news portals and blogs), improved matchmaking (for matrimonial/dating, job portals) and targeted ads (for publishers with substantial inventory).
Archana Priyadarshini, Venture Partner, Unicorn India Ventures will be joining the board and will be working closely with the Boxx.ai team.
Unicorn India’s other investments include rental portal Grab on Rent, diagnostics startup NeuroEquilibrium, beauty services startup Vanity Cube, cab booking service Roder, SaaS product Pharmarack, microlending startup SmartCoin, and security solutions firm Sequretek. While AI platforms like Vernacular.ai, a multilingual platform for businesses, Botworx.ai, a conversational commerce platform, Innefu Labs, a information security consulting company and chatbot Niki.ai also got funded in recent time.
Image credit: Boxx