In an investment news, REXai, an aiCommerce tech company has raised €1,5 million of funding with the goal to easily embed the power of artificial intelligence into any existing e-commerce platform. The round was led by Newion Investments, joined by the founder and smart angel investors from the e-commerce and cyber-security industry.
Newion Investments focuses on B2B enterprise software companies with a global reach in the early stage and is well known for its successful investment in Collibra and many other companies in its previous funds. Based in Amsterdam and Valencia, REXai aims to make artificial intelligence available as a service for companies looking to fast-forward their ability to transform their data into real-time personalization.
REXai: All you need to know
REXai was founded by CEO Saeed Younesi with the purpose of providing next-gen commerce solutions that move away from rule-based implementations for product and content personalization, instead, rely on self-learning systems powered by A.I. that work in real-time and on an individual visitor level across all channels.
Saeed was quoted saying in a company press release, “As a team, we had a lot of e-commerce experience in implementing large-scale commerce projects for big brands in the past, but noticed that there is a gap in companies’ ability to translate visitor and customer’s data into meaningful personalization. Rules-based tools require a labor-intensive process of commerce and marketing professionals collecting data and micro-managing rules in order to try and make business and personalization decisions. With our team of 17 data-engineers, scientists and software developers, we have created an AI-first solution that moves away from business-rules based tools, instead rely on the power of artificial intelligence to create a self-learning solution that delivers better results for both businesses and their visitors.”
CTO Abhishek Mukherjee, who has a background in computational physics from Yale and University of Illinois, stated, “We started our journey of creating an AI-first strategic solution which aligns goals from the business with customer’s need for meaningful omnichannel personalization.
Abhishek also added, “REXai is unique as it is able to interpret behavior in real-time to predict intent and provide personalization on an individual level in a matter of tens of milliseconds during which the next page loads or the email is opened, all the while taking set business goals into consideration from its business dashboard. Equally important was our architectural setup in order to offer the ease of integration into any existing commerce platform, which enables companies to use us as a method to fast-forward their AI-capabilities in which we become their Artificial-Intelligence-as-a-Service (AIaaS) solution partner. This allows businesses to focus on strategic decisions and uses the power of machine learning to take care of the tactical execution of processing data, deriving meaning, execution and improving of personalization rules in a fully automated format through our platform.”
Mathijs de Wit, partner from Newion Investments added, “During our due diligence we were impressed with REXai’s aiCommerce platform. REXai offers a unique view that looks at the entire digital customer journey and is able to personalize not just in each segment of mail, search and web but uses transitional behavioral data as well to enrich the next step. We see the need for technologies that can scale and assist commerce professionals in their day-to-day operations when it comes to managing business goals and at the same time ensuring the customer journey is personalized on an individual level.”
REXai will use the investment to expand its marketing/sales team and invest in partnering and connecting with leading existing commerce and marketing partners in order to make its technology readily available to a broader audience of marketing and commerce professionals. Further, the REXai team is expanding and looking for hungry team players who love the world of digital commerce, machine learning and creating the next step in the drive towards autonomous commerce.
For more updates, stay tuned to Silicon Canals.