Unbxd raises $12.5mn in series C funding to fuel innovation

Unbxd, the cloud-based product discovery platform for e-commerce, has raised $12.5 million in Series C funding led by Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, and from existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures.

The company will use the funding to invest in its artificial intelligence (AI) powered platform that enables online retailers to capture the 15-40 percent in revenue that is lost due to a poor product discovery experience.

Kris Gopalakrishnan, Infosys Co-Founder, also invested in the round. Avendus Capital was the exclusive financial advisor to Unbxd’s Series C round.

Retail’s success in e-commerce has become more critical now than ever and heavily hinges on customer experience. The Unbxd AI powered personalized product discovery platform uniquely understands users’ intent to significantly enhance their online shopping experiences, increasing conversions and revenue.

“Traditional rules-based e-commerce technology is hard for retailers to manage while also delivering a poor experience for their shoppers. With a better AI solution in place, retailers are more competitive because shoppers can more easily buy what they seek,” said Pavan Sondur, Co-Founder & CEO of Unbxd.

The funds raised will be invested in enhancing Unbxd’s proprietary Intelligence Engine. The Unbxd Intelligence Engine today captures and processes more than 50 shopper data signals, to power personalized search, navigation and product recommendations on e-commerce sites. Unbxd will also open new offices, to be closer to its customers in Chicago and New York.

Unbxd revenue grew 400 percent in the past year and it strengthened its Internet Retailer 500 customer base by adding leading retailers including Ashley HomeStore, Express and FreshDirect.