AI Powered Firm, Particular Audience, Raises $7.5M to Empower Retailers
AI-powered firm Particular Audience raises $7.5 with the aim to support small retailers to provide the customers a personalized experience.
Big digital companies like Netflix, Amazon, Facebook, Spotify, and others make use of users’ data to understand consumer behavior. This is the reason that data analytics and data manipulation have become a major part of these companies these days. This allows these companies to provide the content as per the user’s intentions whenever a user logs in.
This has helped Amazon to grab over 50% of the shares of the U.S e-commerce market. Because the data-led user experience of Amazon enables the users to get their requirements met quickly. Since this data is usually not available to all the retailers, so they fail to provide a personalized experience to the users. Particular Audience is aiming to make this data available to other retailers as well to personalize the customer’s experiences.
Furthermore, the company has raised $7.5 million in the Series A funding round led by Equity Venture Partners. However, the existing investors of the company Carthona Capital and a group of angel investors also participated in the round. With the latest funding, the total funding of the company has reached $9.5 million.
The products of a Particular Audience involve a number of product delivery tools that use artificial intelligence and other machine learning algorithms. This enables the retailers to identify the products which are most in demand for the customers. Moreover, in fact, the company wants to go further and offer personalization based on anonymity and without compromising personal data, CEO James Taylor said.
The company began in 2019. In the beginning, it faced massive challenges because of the Covid-19 led implications. However, after some time, with the boom in the e-commerce industry the company was able to get back on the right track.
The company has been able to gather huge real-time data using its browsing plugin, SimilarInc.com. With the help of this plugin, the platform has gathered a huge collection of data related to product search, price, sales, and availability across the internet. Retailers can use this data to assess if, for example, offering a 15% discount on the products will be profitable or not.
Data computation is becoming a big industry these days. The market size of data analytics is expected to reach $420 billion by 2027. It has created an urgent increase in the demand for data analytics experts. Because businesses’ productivity has seen a very positive trend after inculcating artificial intelligence and cloud computing in their operations.
Story Credits: TechCrunch.