With increasing digital awareness, numerous online services and the pandemic, shopping online is more or less the new norm. However, offline marketplace is said to account for 80 percent of retail, which is a major chunk of the market. Enabling companies to figure out ways to tap into the offline retail space is big business, one which the Warsaw-based startup Cosmose has already figured out. The company is also making headway and has now announced raising €12.6 million in its Series A funding round.
Cosmose’s valuation soars
The latest series A funding round for Cosmose was led by institutional capital from Tiga Investments, OTB Ventures and TDJ Pitango. In addition, it was supported by a number of “ultra-high net worth individuals” from India, Israel and Singapore. To summarise, this funding round was led by the company’s investors in Cosmose’s growth markets in Asia and supported by investors in its engineering base in Eastern Europe. It is also expected to enable new opportunities of geographic expansion for the company.
Cosmose gathers insights from over 1 billion smartphones and 360,000 stores. It aims to expand its ecosystem to over 2 billion smartphones by 2022 and 10 million stores across Asia. Later this year Cosmose will launch its product in Southeast Asia, followed by Middle East and India. Seeing the growth opportunities and commercial momentum in Asia, Cosmose expects to breakeven and generate profit in 2021.
Miron Mironiuk, CEO and Founder of Cosmose AI, says, “Today is an important milestone for Cosmose and a big boost for retailers looking for ways to recover from the pandemic. At Cosmose, machine learning is the foundation of everything we do, and I am proud that our technology can help the retail industry in this challenging environment. We are seeing great momentum across Asia and, with the backing of the world’s largest companies, I look forward to a bright and profitable future in retail.”
Gathers insights from over 1 billion smartphones
Cosmose was founded in 2014 by Miron Mironiuk, who worked several years in the digital media planning department and couldn’t find an adequate solution to integrate offline retail with online advertising. The startup uses AI to know everything there is to know about what people are doing offline and it uses that knowledge for ultra precise recommendations and advertising.
As mentioned earlier, the company gathers insights from over 1 billion smartphones and 360,000 stores. Cosmose accesses the data from over 400,000 apps, which include leading social, transportation, fitness, radio, gaming, news and weather apps. This is also seamless since no additional hardware or installation is required.
Image credits: Miron Mironiuk/Facebook