Cooee AI platform secures funding for product development
AI-powered SaaS platform Cooee has raised £300,000 in pre-seed funding to further product development, increase e-commerce store reach and launch an augmented reality version of the product.
The start-up, which helps mobile apps boost customer retention with personalised engagement, allows providers to “engage with and retain customers with data-driven one-to-one notifications resulting in revenue uplift”.
Cooee said it delivers “one-to-one personalised in-app and push notifications that help businesses increase revenue and reduce churn”.
It uses AR, computer vision and machine learning to create unique engagements for every customer in real-time rather than the traditional approach of bucketing different users in finite segments and delivering campaigns on a fixed schedule.
The “low-code platform [is] built with ease of use in mind, so companies can embed the service within their app in minutes using a simple integration. With every engagement delivered, Cooee continuously learns and improves automatically”.
Cooee is available on mobile apps, desktop, Woocommerce and Shopify with a roadmap to add Canva, Wix and other popular e-commerce channels. Cooee intends to use the funding for further product development, increase its e-commerce store reach and launch an augmented reality version of the product.
Cooee CEO and founder, Shwetank Tamer, said: “Technology advancements have made it possible to create a website or a mobile app in minutes but there were no solutions that allowed brands to deliver data-driven user engagement with automation.
“We created Cooee with a mission to make data-driven user engagement possible, affordable and effective for eCommerce. In the digital world today, users don’t shop for products, they look for experiences. Customers expect personalisation by default but most mobile apps struggle with multiple platforms, skillsets and technology, and thus are unable to engage and delight. Just a 5% increase in retention can add up to an 80% increase in revenue, Cooee makes that happen.”
According to research from app analytics firm App Annie, a record 3.8 trillion hours were spent on apps last year. Today there are more than 5 million apps available on app stores, but the vast majority are financially unviable because of the high cost of customer acquisition and consequent lack of revenue.
Investors in the pre-seed funding included venture capital firm Jenson Funding Partners and several angel investors from the US, India and UK.
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