Artificial intelligence (AI) and software-as-a-service company Upp.AI has raised $10 million in a Seed funding round led by Bonfire Ventures. The platform optimizes ad spend and increases eCommerce sales using AI and ML technology.
Bonfire Ventures recognized the unique solution the startup offers in a dynamic industry. Notable technology angel investors also supported the funding round.
The platform transforms Google Ads management and has achieved a 52% uplift in sales. It disrupts how retailers market and sell products online. The company’s platform analyzes data using sophisticated AI and ML technology. The platform improves product discovery and helps retailers increase sales.
The AI-enabled platform empowers retailers to thrive in a challenging environment, attain improved outcomes at all times, and seamlessly align the objectives of their finance and marketing teams.
It is currently used by leading retailers such as Charles Tyrwhitt and Onbuy. The platform is available in the UK, Europe, and the United States. Investors have shown confidence in Upp.’s approach in the funding round.
According to Ben White, co-founder and chairman of Upp., powerful AI and machine learning technology is essential in today’s online retail environment. Furthermore, the platform enables retailers to excel, achieve better results, and align their teams seamlessly.
Moreover, the startup plans to utilize the investment over the next 12 months to build a world-class team. Additionally, the company aims to accelerate the growth of its sales and marketing function and expand its geographical presence. It also plans to launch new automation solutions for retailers. Ultimately, the investment will support Upp.’s overall growth and development strategies.
Ben White founded the company with Drew Smith, a serial tech entrepreneur. Ben White built and sold MessageLabs for $800 million.
What Mark Mullen, Co-Founder of Bonfire VC, Said
Mark Mullen, the co-founder of Bonfire Ventures, expressed belief in Upp.’s potential to revolutionize online sales.
According to him, the company’s platform is incredibly powerful and has the potential to transform how retailers operate. Additionally, the talented team behind the platform has experience running multi-hundred-million-dollar businesses.
Moreover, the platform can impact how retailers market, price, and sell their products. As a result, Bonfire Ventures views Upp. as the future of online sales, given its impressive capabilities.
AI and Machine Learning are the core of Upp
Artificial intelligence and machine learning form the core of infrastructure at Upp.AI. In addition, the platform utilizes sophisticated AI and ML technology to analyze data and manage large inventories on Google Shopping. These technologies deliver significant and rapid retail sales growth.
The platform operates in real-time, 24/7, optimizing ad spend and improving product discovery. It provides unique insights that drive an increase in eCommerce sales.
The platform’s ML capabilities continuously improve performance over time. Initially, clients experienced a 29% growth rate in the first three months of use. However, that same growth rate is achieved within one week of implementation.
Moreover, the platform’s real-time analysis and optimization contribute to its impressive results.
Gained Investors Confidence
Since 2019, investors have expressed confidence in the startup’s solution. The recent funding round by Bonfire Ventures provides significant support for the company’s current and future plans.
Bonfire Ventures ranks number three in the Founder’s Choice VC Rankings. Upp. will utilize the investment over the next 12 months to enhance its platform. The company aims to accelerate the growth of its sales and marketing function.
Geographical expansion is also a part of the startup’s plans. It intends to launch new automation solutions for retailers driven by AI/ML technology.