Artificial Intelligence startup Boxx.ai has raised $500K (Rs 3.2 Crore) of seed funding. The funding round was led by Mumbai based VC firm Unicorn India Ventures. The funding round also saw the participation of angle investors like VenkyKrishnakumar (FormerCOO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and VivekBhargava (CEO, DAN Performance Group).
The Bangalore-based startup was founded in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and ShitizBansal. Boxx.ai uses Artificial Intelligence to democratize analytics and builds products that will solve critical analytics problems.
Boxx.ai named their first product AIDA which proprietary algorithms predict what each customer is likely to buy in the future, and then deliver personalised customer experiences across all marketing channels—emails, app notifications, browser notifications, Facebook and on the website or app.
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).
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.”
Commenting on the investment, 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.”
Unicorn India Ventures is an early stage investor from Mumbai. The venture capital invests in technology focused Indian registered startups and provides investments in the range of INR 50 Lakhs to INR 10 Crores. Read more about Indian Startup Ecosystem.