Unbxd raises $12.5 million from Eight Roads, others1 min read . Updated: 20 Jun 2017, 02:39 AM IST
Unbxd plans to invest the funds in strengthening its artificial intelligence capabilities and technology platform
Bengaluru: Unbxd Inc., a product discovery platform provider for e-commerce firms, has raised $12.5 million in a Series C funding round led by Eight Roads Ventures, the investment arm of Fidelity International Ltd, the company said on Monday.
Infosys Ltd co-founder Kris Gopalakrishnan, along with existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures also participated in the round.
Unbxd plans to invest the funds in strengthening its artificial intelligence capabilities and technology platform.
“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better artificial intelligence solution in place, retailers are more competitive because shoppers can more easily buy what they seek," Pavan Sondur, co-founder and chief executive at Unbxd, said in a statement.
Unbxd, founded in 2011 by Sondur and Prashant Kumar, last raised an undisclosed amount in a Series B funding round from Nirvana Venture Advisors, IDG Ventures, Inventus Capital and Indian Angel Network. It had raised $2 million in a Series A round in October 2013 from IDG Ventures and Inventus Capital Partners.
The company claims its intelligence engine processes more than 50 data points from shoppers to enable e-commerce companies to provide personalized search and product recommendations to consumers.
The company also plans to open new offices in the US to provide better services to customers in Chicago and New York. It currently has offices in Bengaluru and Mountain View, California.
Unbxd, which counts online retailers such as Ashley Furniture HomeStore, Express, FreshDirect, rue21 and ibSupply among others as clients, claims to facilitate more than 1.5 billion consumer interactions every month.
“Unbxd has a great product-market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space," Raj Dugar, managing partner at Eight Roads Ventures, said in a statement.
Investment bank Avendus Capital advised Unbxd on the deal.