E-commerce enabler Optiwise.ai raises $1.3 mn from StartupXseed Ventures

The company plans to spend the proceeds on its products, building a world-class team, and expanding its customer base beyond North America to other emerging e-commerce regions

Optiwise.ai, a marketplace optimisation platform, has raised $1.3 million led by StartupXseed Ventures.

With the new funds coming in, the company will continue to invest in the product, build a world-class team, and expand its current customer base beyond North America to other emerging e-commerce regions globally.

“This investment...further validates our product-market fit strategy and further propels our vision of helping our customers optimise their revenue across marketplaces,” said Deepak Goyal, co-founder and CEO of Optiwise.ai.

The company claims that a majority of the sellers on its platform saw a 3.2x increase in traffic, a 46 per cent surge in conversion, and a 2x increase in revenue. The platform assists brands and retailers in scaling their e-commerce businesses, especially on Walmart and Amazon.

Rahul Shah, co-founder and CTO, Optiwise.ai said, “We have been investing in Artificial Intelligence (AI), and Machine Learning (ML) technologies to develop cutting-edge products to provide an exceptional customer experience, and this investment will accelerate our path to adding more advanced capabilities into our product.”

Optiwise.ai assists brands and retailers in scaling their e-commerce business across multiple marketplaces by combining machine learning and artificial intelligence, aided by a team of data scientists with decades of eCommerce experience, the firm said in a statement.

“We felt intrigued after understanding the kind of potential e-commerce holds, the rate at which it is expected to grow and how the marketing works using technology as an integral part of the business model. The Founding team understands the space well, and we feel that the team is capable enough to look at scaling the business at a fast pace,” said Ravi Thakur, co-founding Partner at StartupXseed Ventures.