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Unbxd, a product discovery platform for e-commerce, today said it has raised USD 12.5 million funding, led by Eight Roads Ventures -- the investment arm of Fidelity International Ltd. The series C round also saw participation from existing investors -- IDG Ventures, Inventus Capital Partners and Nirvana Ventures. Infosys co-founder S Gopalakrishnan also invested in the round.
Avendus Capital was the financial advisor to the round. "Unbxd will further invest in its artificial intelligence (AI) powered platform that enables online retailers to capture the 15-40 per cent in revenue that is lost due to a poor product discovery experience," Unbxd said in a statement. Unbxd will also open new offices to be closer to its customers in Chicago and New York, it added. It enables personalised site search, navigation, product recommendations and merchandising for online retailers including Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply.
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