Marketing technology company Bluecore, announced the close of its $50 million Series D funding round. The round for the New York City-based company was led by existing investor Georgian Partners, who recently raised Canada’s first $1-billion-plus private-sector venture capital fund. Current Bluecore investors FirstMark and Norwest also invested in the round. This new investment brings Bluecore’s total funding to date to more than $100 million.
Funding to Accelerate AI Capabilities for Digital Sales Channels
The company will use the funds to accelerate its work in machine learning and artificial intelligence. Over the last four years, Bluecore has developed and released the industry’s first fully automated email marketing solution. Its current AI applications are able to auto-generate completely personalized email campaigns by curating products, content, and offers, specific to each shopper a brand interacts with. This shopper-specific personalization is based on a trifecta of insights unique to Bluecore’s data model: 1) consumer identity, 2) shopper behavior, and 3) real-time changes to retailers’ product catalogues.
Bluecore’s AI additionally responds autonomously to implicit consumer feedback on, and preferences around, frequency and type of communications shoppers want to receive from retail brands. Its artificial marketing solutions have seen rapid adoption by retailers, with over 70% of clients, including Jockey, Lane Bryant and Hammacher Schlemmer, now deploying its current AI. In 2019, Bluecore migrated to a completely success-driven pricing model, where clients pay solely based on traffic and conversions generated by the AI.
These successes have motivated Bluecore to accelerate the development of more advanced AI applications, built upon the predictive models it is known for. Over the next 12 months, Bluecore will unveil new capabilities, such as the ability to use what it learns about product trends across more than 400 hundred brands’ live product catalogs to improve experiences on an individual retailer’s digital channels. Informed by 100B+ consumer interactions and 200M+ products, the new AI application will learn and predict which product is most likely to drive a purchase by a specific individual. It will then autonomously trigger the next-best action for a given shopper, no matter where he or she is shopping in the moment.
“We’re eager to bring a new form of real-time intelligence that no one else has been able to tap into, to market,” said Fayez Mohamood, CEO of Bluecore. “We’re both encouraged and emboldened by the fact that our investors have continuously backed our AI and substantially increased their investments in us. Having accelerated our growth and achieved best-in-class sales productivity metrics for clients, the next phase in our partnership with Georgian Partners, FirstMark and Norwest will be critical to realizing an even greater vision for the retail industry.”
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