Mumbai-based Venture Capital firm, Unicorn India Ventures is a group of angel investors including Venky Krishnakumar, Suresh Shankar and Vivek Bhargava. It has recently invested ₹3 Crore ($500K) in a Bangalore based Artificial Intelligence startup, Boxx.ai. Boxx.ai is an analytics startup, which makes products with Artificial Intelligence to solve critical analytics problems quickly and at affordable costs.
Bhaskar Majumdar, Managing Partner, Unicorn India Ventures stated that “The present digital world, we live in; data is ubiquitous. Mining data using Artificial Intelligence is what will provide the cutting edge to businesses in the future. However, for long, analytics has carried a tag of being premium or demanding too much investment upfront in people and technology.Therein only large corporates could invest in analytics. This is what interested us to invest in the company.”
Moreover, Ajay Kashyap who is the Co-founder of Boxx.ai has also commented on the development saying, “AIDA is built around its core ‘Individual identities’ philosophy. Every customer is important and different. AIDA’s algorithms find hidden patterns within the data to cater to sparse data, are constantly learning with every new piece of data adding a nuance to the personalization, and are genetically evolving to ensure that the most relevant parameters are selected in every scenario. All of this is to ensure that marketers can reach out to each and every individual customer with an unprecedented level of personalization.”
Boxx.ai is currently dealing with the clients in the Internet Industry, including fashion websites, online grocery, education portals, gifts and deals marketplaces. The company has planned to use the newly raised funds to upgrade its technology and algorithms platforms and to expand the product portfolio and soon Archana Priyadarshini, Venture Partner, Unicorn India Ventures will be joining the board and will be working closely with the team.