AI-powered cloud based product discovery startup Unbxd raises USD 12.5 million
Founders: Pavan Sondur, Prashant Kumar
Founded in: 2011
Financing status: USD 12.5 million Series C round in 2017
Unbxd, an AI-powered cloud based e-commerce product discovery platform, has attracted USD 12.5 million in its Series C financing round led by Eight Roads Ventures, with investments from existing investors IDG Ventures, Inventus Capital Partners, and Nirvana Venture Advisors as well. Infosys co-founder Kris Gopalakrishnan also participated in this financing round.
Unbxd was founded in 2011 by Pavan Sondur and Prashant Kumar, and has offices in Bengaluru and California. The startup applies AI and advanced data sciences to connect shoppers to products that they are most likely to buy while providing predictive actionable insights for merchandising.
The company developed a product which makes the experience of finding products on e-commerce websites easier through intelligent site search, personalized product recommendations, and real-time merchandising insights. Unbxd helps e-commerce companies optimize user interaction on their websites, enhance conversions, and subsequently increase their sales volume.
The startup claims that it has over 1,200 online retailers in over 40 countries with over 1.5 billion interactions a month. World leading retailer clients of Unbxd include Ashley HomeStore, Express, FreshDirect, Rue21 and ibSupply.
The funds raised will be further utilized towards enhancing Unbxd’s proprietary Intelligence Engine. This will be used to power personalized search, navigation and product recommendations on e-commerce sites. The startup also plans to open new offices to be closer to its customers in Chicago and New York.
Cloud based HR SaaS startup Darwinbox secures USD 4 million for Series A
Founders: Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi
Founded in: 2015
Financing status: USD 4 million Series A round in 2017
Darwinbox, a cloud based enterprise human resources SaaS management platform, has secured USD 4 million for its Series A financing round led by Lightspeed Venture Partners. Existing investors Endiya Partners, Mohandas Pai’s 3one4 Capital Advisors, and Startupxseed Ventures also participated in this round.
Darwinbox was founded in 2015 by Jayant Paleti, Rohit Chennamaneni and Chaitanya Peddi. The co-founders have previously worked with companies such as McKinsey, Google, EY, and Deloitte.
The startup’s cloud based management platform includes HR processes across the entire employee life cycle. These processes include recruitment management, employee payroll and benefits package, employee engagement, performance management, and employee movement. The company claims that more than 100,000 employees have used its services across sectors such as technology, pharma, healthcare, and logistics. Darwinbox’s clients include Paytm, Nivea, Delhivery, Voonik, Sai Life Sciences, IMImobile, Swiggy, and Hetero Pharma.
The new capital will be used for Darwinbox’s product innovation and market expansion. Co-founder Chaitanya Peddi said that the company will continue to invest in areas such as big data and machine learning coupled with the latest research in HRM and psychology to maximize the value that it can offer to clients.
(Top photo from Flickr)