REXai, an aiCommerce tech company, raises EUR1,5M investment with the goal to easily embed the power of artificial intelligence into any existing ecommerce platform.
Amsterdam July 30, 2018 - REXai, based in Amsterdam and Valencia, has raised an investment round of 1,5 million Euro with the goal of making artificial intelligence available as a service for companies looking to fast-forward their ability to transform their data into real-time personalization. The round was led by Newion Investments, joined by the founder and smart angel investors from the ecommerce and cyber-security industry.
Newion Investments focuses on B2B enterprise software companies with a global reach in early stage and is well known for its successful investment in Collibra and many other companies in its previous funds.
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 is very proud of the accomplishments of the team: “As a team we had a lot of ecommerce 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 relies on the power of artificial intelligence to create a self-learning solution that deliver better results for both businesses and their visitors.
CTO Abhishek Mukherjee, who has a background in computational physics from Yale and University of Illinois, states: “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 continues; “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 adds “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.
Newion III is the third business software fund of Newion, focusing on business software companies in the Benelux. Since its incorporation in 2000, Newion has grown to become one of the most successful VC’s in its segment, known as a committed investor in start- and scale-ups. The fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments ('ESFI') set up under the Investment Plan for Europe. The purpose of ESFI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. Its previous funds successfully invested in Oxxio (exit), Mirror42 (exit), Q-go (exit), Collibra, iWelcome, SwipeGuide, 24iMedia, Synple, CustomerGauge, Instant Magazine, The Next Ad and Oxynade. Visit www.newion.com for more information.