Unicorn India Ventures, a Mumbai-based VC firm and 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) have invested $500K in Boxx.ai, a Bangalore-based Artificial Intelligence-backed analytics start-up. The round has been led by Unicorn India Ventures.
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.
Boxx.ai builds products that use Artificial Intelligence to solve critical analytics problems quickly and at affordable costs.
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.”
AIDA is Boxx.ai’s first product. AIDA’s proprietary algorithms predict what each customer is likely to buy in future, and then deliver personalized customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook and on the website or app). In Boxx.ai’s experience with different clients, this leads to increase of over 40% in sales.
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.”
Boxx.ai is currently working with an array of clients in the online space, including fashion websites, online grocery, education portals, gifts and deals marketplaces.
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 be joining the board and will be working closely with the team.
About Unicorn Ventures
Unicorn India Ventures is a Mumbai based VC fund that invests in early stage startups working on business ideas spanning sectors like consumer, enterprise, healthcare and deep technology domains. The Managing Partners Anil Joshi and Bhaskar Majumdar have a unique way of identifying innovative startups.
The Fund will be investing (solely or co-investing with another fund or institution), in startups with innovative business ideas and which can solve real life problems. The deal sizes will vary from $100K to $2 million. The target startups should meet the following criteria:
· Ability to scale up rapidly in terms of revenues and customer adoption
· Capital efficient business model
· Backed by a committed and a passionate team
· Potential to address the global market
Unicorn has done the first close of their maiden fund. The Fund has already announced investments in startups like Grab on Rent, Inc42, NeuroEquilibrium, Vanity Cube, Roder, Pharmarack, SmartCoin, Sequretek and now Boxx.ai.
Boxx.ai uses Artificial Analytics to democratize analytics. It was set up in July 2016 by batch-mates of alumni of IIT Bombay and IIT Delhi – Ajay Kashyap, Prakhar Raj and Shitiz Bansal. Boxx.ai focuses on technology to build products that enable enterprises solve their most critical analytics problems.
The Bangalore-based startup recently launched their first product – AIDA, aimed at marketers to help personalize their customer touch, thereby improving engagement, increasing transactions and reducing attrition.