Moneycontrol
Jun 12, 2017 02:02 PM IST | Source: Moneycontrol.com

Boxx.ai raises $500k from Unicorn India Venture and others

AIDA, Boxx.ai’s first product led to an increase of 40 percent sales for its Indian and global clients, the company said

Boxx.ai, a Bangalore-based Artificial Intelligence-backed analytics start-up raised USD 500,000 in its pre-series A round.

Unicorn India Ventures, a Mumbai-based VC firm led the funding round among other backers such as Venky Krishnakumar (Former COO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, CrayonData) and Vivek Bhargava (CEO, DAN Performance Group).

AIDA, Boxx.ai’s first product led to an increase of 40 percent sales for its Indian and global clients, the company said.

The company says AIDA’s algorithms can predict what each customer is likely to buy, and then deliver personalised customer experiences across emails, app notifications, browser notifications, Facebook and on the website or app.

“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,” said Bhaskar Majumdar, Managing Partner, Unicorn India Ventures.

He said that till now 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,” he added.

Boxx.ai was launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and Shitiz Bansal.

According to the company’s press release, the funds will be utilised for the upgrading of technology and expanding its product portfolio.

"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 personalisation,” said Ajay.
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