Nosto, a specialist in ecommerce personalisation and artificial intelligence (AI) tools for retail, has closed a new round of funding totalling USD7.4 million led by European investment companies Tesi, Open Ocean and Idinvest.
The new funds will be used towards investments in Nosto’s machine learning core, omni-channel personalisation and continued international expansion.
Nosto’s innovative retail personalisation solutions have fuelled a three-year growth rate of 260 per cent in North America driven by deep relationships with 2,500 of the world’s fastest growing retail brands. To date, Nosto has raised more than USD25 million from investors to further expand its leadership in artificial intelligence and deep learning for retail.
Nosto has also driven a gross merchandise volume (GMV) of more than USD10 billion through its customer stores, and clients using Nosto are averaging a 22 per cent increase year over year GMV compared with the industry average of 14 per cent. The company’s momentum is driven by its patented technology, predictive AI-algorithms and successful expansion across Europe and North America.
“We’re very proud of the momentum that we’re experiencing and the widespread adoption of our AI-powered personalisation platform. This funding round comes on the back of major product advancements we launched earlier this month where client impact and results have been phenomenal. With these new products, we’re now enabling retailers to personalize the entire brand and shopping experience in real-time based on our proprietary AI algorithms, which have trained across tens of billions of data points,” says Jim Lofgren, CEO of Nosto. “As we expand our offerings to deepen the personalisation experience, we are confident that we will improve the customer and brand relationship and drive increased sales for retailers. We’re grateful to our investors for their confidence in our growth and support in cementing our position as a leader in retail AI.”
