Unbxd, a product detection platform based in cloud services for e-commerce industry, has lifted $12.5 Million in a “series C” round of funding. This funding was guided by proprietary investment arm of Fidelity International Ltd., Eight Roads Ventures. The firm will utilize the funds to accelerate its go-to-market play and reinforce its product offering by extending its marketing and sales team. Current investors Inventus Capital Partners, IDG Ventures, and Nirvana Ventures also took part in the round. Kris Gopalakrishnan, co-founder of Infosys, also supplied in the round.
Founded by Prashant Kumar and Pavan Sondur, artificial intelligence of Unbxd fueled plug-and-play solutions that allowed online retailers to gather 15–40% growth in income that was lost due to a poor experience of product discovery. The platform gives a modified experience to users, which resulted in improved conversions. The firm guarantees to fuel over 1.5 Billion interactions with shopper each month. “Conventional rules-based e-commerce tech is difficult for retailers to handle while also giving their shoppers a poor experience,” said CEO and co-founder of Unbxd, Pavan Sondur. “With an enhanced artificial intelligence solution in hand, retailers are more cutthroat since shoppers can more effortlessly purchase what they look for.”
“Unbxd has a great market/product fit, and currently is the ideal time to pace its go-to-market plan,” said Managing Partner of Eight Roads Ventures, Raj Dugar. “Product discovery tools of e-commerce indicate a golden opportunity internationally and the company is in a good position to come out as a leader in the industry.” In 2016, Unbxd had lifted its “series B” funding guided by Inventus Capital, IDG Ventures, and Indian Angel Network.
The funds lifted will be spent in improving proprietary Intelligence Engine of Unbxd, which processes and captures over 50 shopper information signals to fuel modified navigation, search, and product suggestions on e-commerce websites. Unbxd will also commence new offices to be nearer to its users in New York and Chicago.