Insider Brief
- Birdseye, an AI company in the retail and e-commerce sector, secured a US$3 million seed investment from Drive Capital, following a previous US$500,000 pre-seed round earlier in the year.
- The company’s AI technology helps retailers execute hyper-personalized marketing campaigns by matching shoppers with products they are likely to purchase and helping reduce excess inventory through personalized offers, rather than generic discounts or mass emails.
- Birdseye aims to redefine customer-retailer interactions by providing personalized shopping experiences and offers, improving customer retention and engagement for retailers, and plans to use the new funding to expand its team and emerge as a market leader.
PRESS RELEASE — TORONTO/ November 22, 2023— (BUSINESS WIRE) — Birdseye, a pioneering force in the retail and e-commerce artificial intelligence sector, today announced a seed investment of US$3 million from Drive Capital. This follows Drive Capital’s previous investment, leading a US$500,000 pre-seed round earlier this year in March. Masha Khusid, a partner from Drive Capital, will be joining Birdseye’s board of directors.
Birdseye’s product helps retailers execute hyper-personalized campaigns. Its technology completes millions of marketing actions to match shoppers with the products they are most likely to be interested in purchasing at any given time and price. This technology is powered by an AI algorithm trained on vast amounts of retail transaction data.
Through Birdseye’s AI, retailers can also match excess inventory with their customers that would be most likely to purchase it, rather than running generic discounts or mass email campaigns. Birdseye empowers large brands and retailers to understand granular consumer insights in real time and then automates timely email and SMS offers.
In addition to improved efficiencies with advertising spend, Birdseye is also solving the problem of customer retention, which is plaguing retailers today. Birdseye’s technology helps retailers detect when they are about to lose a customer and enables the retailer to proactively respond with personalized pricing and product offers to win that customer back.
It’s not just brands and retailers who stand to benefit from Birdseye’s technology. The company’s AI empowers a completely personalized shopping journey for consumers. Birdseye’s goal is to completely reimagine the way consumers connect with brands.
“Our technology isn’t about generic promotions or marketing campaigns; it’s about enabling retailers to serve each customer’s unique preferences, delivering tailor-made offers that resonate positively. It’s a win-win, with shoppers valuing personalized deals and retailers benefiting from increased loyalty and engagement,” says Matt Bogoroch, CEO of Birdseye.
Shardul Frey, CTO of Birdseye shared, “By leveraging advancements in AI, we are improving the sell-through rates of stalling or out-of-season inventory. We’re also helping generate unprecedented customer engagement. Retailers can now automatically understand the unique preferences of millions of customers.”
“With this latest round of funding and ongoing partnership with Drive Capital, we’re set to significantly bolster our hiring efforts, attracting the best and brightest to Birdseye. As we grow, our commitment is to emerge as a market leader in the retail industry,” says Adam Bogoroch, Birdseye COO.
“Matt and his team have a unique perspective on how AI can be used to serve the e-commerce market and, as a result, they’re solving merchants’ problems in incredibly innovative ways,” said Drive Capital Partner, Masha Khusid. “We’re thrilled to continue our partnership with Birdseye.”
Birdseye’s agile approach to product development, combined with a focus on resolving retailer challenges, has been the cornerstone of success. With this new capital and the support of Drive Capital, Birdseye is positioned to redefine the future of retail.
About Birdseye
Birdseye is a leading artificial intelligence (AI) company specializing in transformative solutions for the retail and e-commerce industry. By seamlessly blending advanced algorithms with deep industry insights, Birdseye is changing the way brands connect with consumers, fostering meaningful, personalized interactions. To learn more about Birdseye, visit birdseyeglobal.com
About Drive Capital
Drive Capital is a Columbus-based venture capital firm that is investing in the world’s next generation of market-defining companies. Since Drive’s inception in 2013, the firm has raised $2B of funds to invest in startups solving important problems in large markets. Drive is an investor in more than 100 companies outside of Silicon Valley, including Duolingo, Branch, Greenlight, and Path Robotics.
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