Optiwise.ai, a marketplace optimization platform, has raised $1.3 million led by StartupXseed Ventures.
With the new funding, the company will invest in product, build a world-class team and expand its existing customer base beyond North America to other growing e-commerce regions around the world.
“This investment… further validates our product-market fit strategy and furthers our vision of helping our customers optimize their revenue across marketplaces,” said Deepak Goyal, co-founder and CEO, Optiwise.ai.
The company claims that most sellers on its platform saw a 3.2x increase in traffic, a 46 percent increase in conversions, and a 2x increase in revenue. The platform helps brands and retailers scale their e-commerce businesses, especially on Walmart and Amazon.
Optiwise.ai Co-Founder and CTO Rahul Shah said, “We are investing in Artificial Intelligence (AI), and Machine Learning (ML) technologies to develop cutting-edge products to deliver an exceptional customer experience, and this investment accelerates our way to add more advanced capabilities to our product.
Optiwise.ai will help brands and retailers scale their e-commerce business across multiple markets by combining machine learning and artificial intelligence, with the help of a team of data scientists with decades of e-commerce experience, the company said in a statement.
“We were intrigued after understanding the potential in e-commerce, the rate at which it is expected to grow and how marketing can work using technology as an integral part of the business model. The founding team understands the space well and we feel the team is capable enough to scale the business quickly,” said Ravi Thakur, co-founding partner at StartupXSeed Ventures.