Bangalore-based Artificial Intelligence-backed analytics start-up Boxx.ai secures $500K funding from Unicorn India Ventures. The round also saw participation from a clutch of well-known angel investors including Venky Krishnakumar (Former COO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and Vivek Bhargava (CEO, DAN Performance Group).
The Company plans to utilize the newly raised funds to upgrade its technology and algorithms platforms, and to expand the product portfolio. Archana Priyadarshini, Venture Partner, Unicorn India Ventures will also join the Board and will be working closely with the team, company said in a statement.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures 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 corporates could invest in analytics. Boxx.ai aims to change that by simplifying analytics and productising many processes making it cost-effective for companies. We view Boxx.ai as being able to productise and democratise 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 Shitiz Bansal. The Founding team comes with over a decade of experience in leadership roles in data science, technology and product development. The startup develops products by using Artificial Intelligence technology to solve the critical analytics problems quickly and at affordable costs.
Ajay Kashyap, co-founder, Boxx.ai said, “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 personalisation, 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 personalisation.”
Boxx.ai is currently working with an array of clients in the online space such as Nearbuy, Clovia, abof, Collegedekho etc.