Unbxd, an e-commerce product discovery & recommendation platform, has raised $12.5 million in a Series C round led by Eight Roads Ventures and from existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures. The company will invest the new funds for developing Artificial Intelligence (AI) features which will enable online sellers to better reach out to customers. It will also open up new offices in New York and Chicago.
Kris Gopalakrishnan, Infosys Co-Founder, also invested in the current round.
Unbxd provides e-commerce companies with search, navigation, product recommendations, merchandising and analytics solutions and claims to serve more than 1200 online retailers in 40 countries. The company’s AI based discovery platform (Intelligence Engine) processes more than 50 shopper data points, to power personalized search, navigation and product recommendations on e-commerce sites. It currently has operations in India and US with offices in Bangalore and California.
Till date, the company has raised over $14.5 million in disclosed funding from multiple investors across 5 rounds, as per Crunchbase data.
-Unbxd had secured an undisclosed amount in Series B round led by Nirvana Venture in May last year.
– The company had raised a $2 million Series A funding from IDG Ventures India and Inventus Capital Partners in 2013.
– It had also secured an undisclosed amount of funding from Indian Angel Network (IAN) in September 2012.
Unbxd competes with other ecommerce recommendation platforms like ShopsUp, which is a new entrant into the space, providing localized discovery of lifestyle products. Other examples include B2C companies like Infibeam which provides BuildBazaar, a cloud-based solution for online merchants. The company had reported Rs 13.6 crore in profits in Q4FY17.