AI analytics startup Boxx.ai receives USD 500,000 for pre-Series A
Boxx.ai
Founders: Ajay Kashyap, Prakhar Raj, Shitiz Bansal
Founded in: 2016
Financing Status: USD 500,000 pre-Series A round in 2017
Boxx.ai, a Bengaluru artificial intelligence analytics startup, has raised USD 500,000 funding led by Unicorn India Ventures.
Boxx.ai builds products that use artificial intelligence to solve critical analytics problems.
AIDA, Boxx’s first product, aims to customize each customer’s experience. AIDA helps Boxx.ai’s business clients to map users, actions or products to help them activate customers, increase transactions, and reduce attrition.
Bhaskar Majumdar, Managing Partner of Unicorn India Ventures, explained to local media that they were interested to invest in Boxx.ai because its products simplify analytics and categorize many processes which make it cost effective for many companies. They believe that Boxx.ai is able to simplify and democratize analytics.
Besides Unicorn India Ventures, three angel investors Venky Krishnakumar (Former COO and CFO of Citibank APAC), Suresh Shankar (Founder and CEO of CrayonData), and Vivek Bhargava (CEO of DAN Performance Group) also participated in this round.
Boxx.ai was founded by Indian Institutes of Technology (IIT) alumni Ajay Kashyap, Prakhar Raj, and Shitiz Bansal in July 2016. The company will use the newly raised investment to upgrade its technology and algorithm platforms, and expand its product portfolio.
Ride hailing services Ola raises about USD 50 million financing
Ola
Founders: Bhavish Aggarwal and Ankit Bhati
Founded in: 2011
Financing status: USD 50 million financing in 2017
Bengaluru-based ride hailing services Ola has reported receiving USD 50 million funding from hedge fund firm Tekne Capital Management.
Ola was founded by Bhavish Aggarwal and Ankit Bhati in January 2011. So far, Ola received a total equity funding of USD 1.9 billion from about 20 investors. In 2015, Ola also received investment from China’s largest ride hailing company Didi Chuxing.
Ola, India’s most popular mobile app for transportation, integrates city transportation for customers and drivers onto one mobile platform. As one of India’s fastest growing companies, it aims to give customers convenient, transparent and quick service fulfilment through the use of technology to make transportation hassle free. Ola’s offerings on its platform range from affordable air conditioned cabs in its Ola Micro range to the superior luxury offering Ola Lux. Other localized offerings include the ubiquitous auto rickshaws and shuttle buses for daily commute. Using the Ola mobile app, users across 110 cities can conveniently book from over 600,000 vehicles available.
(Top photo from Boxx.ai)