Unbxd, the cloud-based product discovery platform for e-commerce, has raised $12.5 million in Series C funding in a round led by Eight Roads Ventures. Existing investors IDG Ventures, Inventus Capital Partners and Nirvana Ventures also participated. Unbxd will use this funding to invest further in its artificial intelligence (AI) platform that enables online retailers to capture the 15%-40% in revenue that is lost due to a poor product discovery experience.
The Unbxd AI platform 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.
“Unbxd has a great product/market fit, and now is the right time to accelerate its go-to-market strategy. E-commerce product discovery tools represent a multi-billion-dollar opportunity globally and Unbxd is well positioned to emerge as a leader in the space,” said Raj Dugar, Partner and Head of Eight Roads Ventures India.