Zoovu, a company that provides artificial intelligence (AI)-powered digital assistants in a software-as-a-service suite for brands, has raised $14 million in a series B financing round, according to reports.
The startup, which is based in New York, aids brands in building and utilizing digital experiences to integrate into websites. The AI-driven services collect and synthesize user habits and preferences, as well as metrics.
The market for this type of service on websites is growing, and could reach $1.23 billion by the year 2025, according to researchers. Many experts in the field — 80 percent, in fact — say they use chatbots or that they plan to use them in the near future.
Zoovu already has relationships with an impressive list of companies, including Wilson, Microsoft, Sonos, Canon, Amazon and more than 150 other premium brands and well-known companies, strewn across a myriad of industries, including healthcare and banking.
The funding for the round was capped by Target Global, a Berlin-based investor, as well as an existing investor called Beringea. The total amount it’s raised so far is $25 million.
The company plans to use the money grow into Asian markets and invest more in AI and behavioral analytics technology, according to CEO Rob Mullen.
“Brands are quickly realizing that the typical customer persona is vastly different now than it was even just a few years ago, and they’re being forced to adapt to a unique generation of consumers by adopting new technologies and engagement strategies,” Mullen said. “Zoovu is dedicated to alleviating these challenges by providing advanced behavioral data, which customers can take advantage of to differentiate themselves, allowing brands to deliver a more personalized and engaging customer experience.”
The eCommerce experiences that the company provides include chatbots, selectors, carousels and calculators, among other things. The services are powered by machine learning with algorithms that catch on to customer patterns.
Rytis Vitkauskas, a venture partner at Target Global, will be joining the company’s board of directors, and said he is impressed with the company’s growth.
“Zoovu is rapidly becoming the foundational provider of digital assistant software for the world’s leading brands and marketplaces, including Amazon, Canon, Coty and Wilson,” Vitkauskas said. “We were impressed by Zoovu’s traction and growth in vertical markets and by the focus of its leadership team on building a future-thinking, seamless and intuitive SaaS platform. We are confident that Zoovu is well-equipped to simplify the shopping journey and are eager to continue supporting their ongoing growth.”