The cloud-based Ecommerce product discovery platform Unbxd raises $12.5 Mn led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited. The Series C of funding also saw participation from the existing investors IDG Ventures, Inventus Capital Partners, and Nirvana Ventures. The Infosys co-founder, Kris Gopalakrishnan also invested in this round.
Commenting on the funding Raj Dugar, Managing Partner, Eight Roads Ventures said, “Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. Ecommerce product discovery tools represent a multibillion-dollar opportunity globally and Unbxd is well-positioned to emerge as a leader in the space.”
Unbxd was founded in 2011 by Pavan Sondur and Prashant Kumar. The platform provides search, navigation and associated marketing analytics to e-commerce sites. It enables e-commerce sites to ramp up conversion rates and revenue by helping visitors find the products they’re looking for while the product managers leverage such opportunity to streamline their target.
“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek,” said Pavan Sondur, co-founder & CEO of Unbxd.
Unbxd’s artificial intelligence solution enables online retailers to capture the 15-40% in revenue that is lost due to a poor product discovery experience. The platform delivers a customized experience to consumers resulting in better conversions. Some of its clients include Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply. The company powers 120+ US online retailers and claims to power over 1.5 billion shopper interactions a month.
The funds raised will further be utilized towards enhancing Unbxd’s proprietary Intelligence Engine which captures and processes more than 50 shopper data signals. These will be used to power personalised search, navigation and product recommendations on ecommerce sites.
In May 2016, Unbxd had raised Series B round of funding led by Nirvana Venture Advisors, IDG Ventures, Inventus Capital and Indian Angel Network.