Boxx.ai, which uses artificial intelligence to democratize analytics, has today raised $500,000 in its seed funding round from Unicorn India Ventures. This marks the first institutional funding round for the company.
Apart from Unicorn India Ventures, a group of angel investors also participated in the current round, including Venky Krishnakumar, former COO and CFO of Citibank APAC, and Suresh Shankar, founder of CrayonData.
With the new capital coming to the company, it is now planning to utilise the funds to upgrade its technology and algorithms platforms, and to further expand the product portfolio.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures says,
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 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.
Boxx.ai was founded in July 2016. Its founding team comes with over a decade of experience in leadership roles in data science, technology and product development.
Boxx.ai builds products that use Artificial Intelligence to solve critical analytics problems quickly and at affordable costs. Its flagship product AIDA predicts what customers are likely to buy in future, and then deliver personalised customer experiences across all marketing channels, including, emails, app notifications, browser notifications and social media.
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.
Boxx.ai says that it is currently working with an array of clients in the online space, including fashion websites, online grocery, education portals, gifts and deals marketplaces.