Bluecore Gets $50m for Purchase Prediction App

New York-based retail behaviour and product data specialist Bluecore has raised $50m in a Series D round of funding, which it will use to launch a new AI application through which to learn and predict which product is most likely to drive a purchase by a specific individual.

Marketers using Bluecore can launch personalized campaigns through a single platform that connects real-time product and customer data. The firm's AI-driven engine determines the timing and content for the next-best communication based on insight into individual shoppers' onsite behavior; how specific product shifts influence their actions; and allows real-time changes to retailers' product catalogues.

New funding has been led by existing investor Georgian Partners, with participation from investors FirstMark and Norwest, bringing Bluecore's total funding to date to more than $100m. Over the next twelve months, the company will use some of the new funds to unveil new capabilities, such as the ability to use what it learns about product trends across more than 400 hundred brands' live product catalogs. Informed by more than 100 billion consumer interactions and over 200 million products, the firm's new AI application will autonomously trigger a 'next-best action' for a given shopper, no matter where they are shopping in the moment.

Fayez Mohamood (pictured), CEO of Bluecore, comments: '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'.

Web site: www.bluecore.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.