Unbxd Inc. 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. Unbxd is a product discovery platform provider for e-commerce firms.
The funding round witnessed participation from Infosys co-founder Kris Gopalakrishnan along with existing investors. The existing investors include IDG Ventures, Inventus Capital Partners, and Nirvana Ventures.
Unbxd plans to invest the funds in improving its artificial intelligence capabilities and technology platform.
The funds will be used in strengthening the artificial intelligence capabilities of the technology platform, said Unbxd officials.
“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 claims that its intelligence engine processes more than 50 data points from buyers to calculate and enable e-commerce companies to provide personalized search and product recommendations to consumers.
The company also plans to inaugurate new offices in the US to provide better services to customers in Chicago and New York. Currently, Unbxd has offices in Bengaluru and Mountain View, California.
With Ashley Furniture HomeStore, Express, FreshDirect, rue21 and ibSupply as clients the company processes 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.