Unicorn India Ventures, a Mumbai-based VC firm and a group of angel investors have invested $500,000 in Boxx.ai, a Bangalore-based Artificial Intelligence-backed analytics start-up. This is the first institutional round raised by Boxx.ai. Angel investors included Venky Krishnakumar (Former COO and CFO, Citibank APAC), Suresh Shankar (Founder and CEO, Crayon Data) and Vivek Bhargava (CEO, DAN Performance Group). Boxx.ai was launched in July 2016 by IIT alumni Ajay Kashyap, Prakhar Raj and Shitiz Bansal. The founding team comes with over a decade of experience in leadership roles in data science, and technology and product development. Boxx.ai builds products that use Artificial Intelligence to solve critical analytics problems quickly and at affordable costs. Bhaskar Majumdar, Managing Partner, Unicorn India Ventures says, “In 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. However, for long, analytics has carried a tag of being premium or demanding too much investment upfront in people and technology. Therein 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. We view Boxx.ai as being able to productise and democratise analytics.
This is what interested us in investing in the company.”AIDA is Boxx.ai’s first product. AIDA’s proprietary algorithms predict what each customer is likely to buy in future, and then deliver personalised customer experiences across all marketing channels (emails, app notifications, browser notifications, Facebook and on the website or app). In Boxx.ai's experience with different clients, this leads to increase of over 40 per cent in sales. AIDA enables Internet companies to provide personalised products (for e-commerce companies), personalised content (for news portals and blogs), improved matchmaking (for matrimonial/dating, job portals) and targeted ads (for publishers with substantial inventory). Ajay Kashyap, co-founder, Boxx.ai says,"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, and are genetically evolving to ensure that the most relevant parameters are selected in every scenario. All of this is to ensure that marketers can reach out to each and every individual customer with an unprecedented level of personalisation." Boxx.ai is currently working with an array of clients in the Internet Industry, including fashion websites, online grocery, education portals, gifts and deals marketplaces. The company plans to utilise the newly raised funds to upgrade its technology and algorithms platforms and to expand the product portfolio. Archana Priyadarshini, Venture Partner, Unicorn India Ventures will be joining the board and will be working closely with the team.