Reflektion Scores Additional $12 Million in Funding to Continue EMEA Expansion
Investment from Hasso Plattner, Battery Ventures and Clear Ventures Will Fuel the International Expansion of Reflektion’s AI-Powered Solutions for the Retail Industry
Reflektion, the leader in individualized personalization solutions for the retail industry, today announced it has raised $12 million in financing. With triple-digit growth in 2017, Reflektion will use the new investment to continue its rapid expansion into international markets—particularly in the EMEA region which accounts for 10 percent of its total revenue. The news comes at a time when retailers are doubling down on Artificial intelligence (AI) is the simulation of human intelligence processes by machines, typically computer systems. ... More as the only option to make sense of vast amounts of data to gain a full view of the customer and respond to individuals’ preferences and intent in real-time.
- Led by Hasso Plattner Ventures, existing investors including Battery Ventures and Clear Ventures also participated.
- Reflektion was founded by Google pioneers and closed its first investment round in 2012.
- The company pioneered AI-driven customer engagement with a platform that understands and influences the intent of each customer in real-time and instantly delivers the most individually relevant content across all touchpoints.
“Within short order, Reflektion has demonstrated how its AI-based technology and unique approach to knowing customers’ preferences and intent can dramatically impact business,” said Yair Reem of Hasso Plattner Ventures. “Reflektion continues to stand out in the space and we’re looking forward to what the future has to hold in terms of international expansion and further growth.”
Leading retail brands such as TOMS, Ann Taylor, Sur La Table, Godiva and Destination XL rely on Reflektion’s AI solutions to combine individual shopper insights, product intelligence and deep learning to create impactful eCommerce, also known as electronic commerce, digital commerce, or internet commerce, refers to the buying and selling o... More experiences that translate to double-digit increases in key metrics such as conversion rate and average order value. To date in 2017, Reflektion has more than tripled its client roster and this year expanded internationally with the addition of Canadian online health and wellness retailer Well.ca and the dominant ecommerce platform Hepsiburada in Turkey.
“AI is truly redefining the way people shop and today there are more ways than ever to do so—from voice-enabled devices to photo search, for instance. In the coming years, experiences driven by Reflektion’s AI-powered solution will become even more in demand as brands look for the best option to deliver on a customer-centric approach,” said Amar Chokhawala, Reflektion’s founder and CEO. “We’re motivated by changing industry demands, which make us well-positioned to continue to grow at the pace we have seen over the past few years.”
The additional investment, driven by consistent growth and the promise Reflektion has demonstrated to investors, will be used to continue improving upon the individualized solutions—including site search, photo search and its behavioral/triggered emails—that leading brands have come to rely on.
Reflektion‘s AI-driven customer engagement platform understands and influences the intent of each customer in real-time and instantly delivers the most individually relevant content across the touchpoints that matter most—including Web, site search, merchandising and email. Reflektion’s platform is driving dramatic conversion growth and revenue increases for the world’s best brands, such as Destination XL, TOMS, Ann Taylor, Sur La Table and Godiva.
Founded in 2012 by pioneers in deep learning, Reflektion is bringing the strength of artificial intelligence to bear on the retail and ecommerce industry. Its platform uniquely combines individual shopper insights, product intelligence and deep learning to create more intimate and impactful commerce experiences.