Bangalore-based artificial intelligence startup Boxx.ai has raised $500,000 (Rs. 3.2 crore) from Mumbai-based venture capital firm Unicorn India Ventures and a clutch of investors.
The startup, run by AIBoxx Solutions Pvt. Ltd, said in a statement that Venky Krishnakumar, former COO and CFO at Citibank Asia Pacific; Suresh Shankar, founder and CEO at CrayonData; and Vivek Bhargava, CEO at DAN Performance Group, also participated in this round.
Boxx.ai was launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and Shitiz Bansal. It builds products that use artificial intelligence to solve critical analytics problems.
The company’s first product is AIDA. Its proprietary algorithms predict what each customer is likely to buy in the future, and then deliver personalised customer experiences across all marketing channels—emails, app notifications, browser notifications, Facebook and on the website or app.
Kashyap said AIDA’s algorithms find hidden patterns within the data to ensure that the most relevant parameters are selected in every scenario and that marketers can reach out to individual customers through personalised communication plans.
The company works with fashion websites, online grocery sellers, education portals, and gifts and deals marketplaces. It will use the new capital to upgrade its technology and algorithm platforms, and expand the product portfolio.
Bhaskar Majumdar, managing partner at Unicorn India Ventures, said Boxx.ai aims to simplify analytics and make it cost effective for companies. “This is what interested us to invest in the company,” he said.
Unicorn India’s other investments include rental portal Grab on Rent, news website Inc42, diagnostics startup NeuroEquilibrium, beauty services startup Vanity Cube, cab booking service Roder, SaaS product Pharmarack, microlending startup SmartCoin, and security solutions firm Sequretek.
Boxx.ai joins several startups in the AI segment in raising funds of late.
Last month, Vernacular.ai, which offers a multilingual AI platform for businesses, raised an undisclosed amount of funding from KStart Capital, the seed programme run by venture capital firm Kalaari Capital.
In February, Botworx.ai, a conversational commerce platform, raised $3 million in seed investment led by California-based venture capital firm Costanoa Ventures with support from San Francisco-based angel investment firm S V Angel.