Cooee, the AI platform that helps mobile apps increase customer retention through personalized engagement, has raised £300,000 in pre-seed funding from investors including Jenson Funding Partners, the venture capital firm, as well as several UK angel investors States, India and UK.
According to a study by app analytics company App Annie, a record 3.8 trillion hours were spent on apps last year. Today, more than 5 million apps are available in app stores, but the vast majority are not financially viable due to the high cost of customer acquisition and the resulting lack of revenue.
Cooee delivers 1:1 personalized in-app and push notifications that help businesses increase revenue and reduce churn. It uses AR, computer vision, and machine learning to create unique engagements for each client in real time, rather than the traditional approach of segmenting different users into limited segments and delivering campaigns on a fixed schedule.
Cooee is a low-code platform designed for ease of use, allowing businesses to embed the service into their app in minutes through a simple integration. With every engagement delivered, Cooee continuously learns and improves automatically.
CEO and Founder of Cooee, Shwetank Tamersaid: “Technological advances have made it possible to create a website or mobile app in minutes, but there have been no solutions that have enabled brands to provide data-driven user interaction with automation.
“We founded Cooee with a mission to make data-driven user engagement for e-commerce possible, affordable and effective. In today’s digital world, users aren’t buying products, they’re looking for experiences. Customers expect personalization by default, but most mobile apps struggle with multiple platforms, capabilities, and technologies, and thus fail to excite and excite. Just a 5% increase in customer retention can add up to an 80% increase in sales, Cooee makes it possible.”
McKinsey’s Next in Personalization report states that personalization will be worth up to $3 trillion across all industries. Cooee’s Personalization-as-a-Service gives companies large and small access to cutting-edge deep tech at an affordable price.
Cooee is available for mobile apps, desktop, woocommerce and shopify with a roadmap to add Canva, Wix and other popular ecommerce channels. Cooee intends to use the funding for further product development, increasing the reach of its e-commerce store and launching an augmented reality version of the product.
Jeffrey Faustin, chief investment officer at Jenson Funding Partners, said, “The App Store is an incredibly crowded market, and smaller-budget apps struggle to stand out in the noisy world of digital advertising. Cooee is one of the first companies in this space that I came across that really put personalization and affordability at the heart of what they do, and that opens up a huge market for them.
“It’s also an intriguing application of ‘creative automation at scale’ – where the company uses technology to scale and automate content creation, allowing companies to spend less money on human designers. This is already an intriguing and disruptive trend in the marketing world and I look forward to seeing Cooee at the forefront.”
https://techround.co.uk/uncategorized/cooee-raises-300000-pre-seed-funding/?utm_source=rss&utm_medium=rss&utm_campaign=cooee-raises-300000-pre-seed-funding Cooee raises £300,000 pre-seed funding to democratize AI for digital user engagement