Intellimize, a startup that relies on artificial intelligence (AI) to autonomously personalize web pages for visitors, raised $8 million in venture funding.
The Series A funding round was led by Amplify Partners, and included participation by Homebrew, Precursor Ventures and several angel investors, according to a report in VentureBeat, citing the company. To date the company has raised $10 million in venture funding.
In an interview with the publication, Intellimize Co-Founder and Chief Executive Officer Guy Yalif said the company has enjoyed fast growth with revenue up 1,338 percent in the past two years. “Last year, marketers spent $100 billion in paid media to drive traffic to websites, yet 98 percent of those visitors left without becoming customers,” Yalif said in the report. “Traditional website optimization approaches like A/B testing try to solve this problem, but treat everyone the same forever and significantly limit test speed. We addressed these frustrations and more by dynamically personalizing for each unique visitor in real time.”
According to the executive, the startup's average customer has tested nearly 200 different ideas, resulting in 78 million possible versions of their web pages, while the average customer saw a 46 percent increase in conversions. What's more, Yalif said 88 percent of campaigns saw positive results. Funding from the round of venture capital will go to accelerate the development of its AI platform and expand the team across all of the functions of the company. As part of the investment, Amplify Partners General Partner Mike Dauber will get a seat on the board, noted the report.
The report highlighted one happy customer, Looker. Jen Grant, chief marketing officer at Looker, said the platform increased the return on investment five times by getting customers to view content and fill out online web firms. “We completed years of testing in just a few quarters, and then applied those insights across our marketing channels to better engage prospects with more targeted messaging,” said Grant in the report. “Intellimize’s AI provided my team with leverage and a great financial return while giving my team to focus on what matters most: the customer experience.”