Cosmose AI, a Singapore-based platform that predicts and influences offline shopping behaviour, has announced a strategic investment from NEAR Foundation, a leader in Web3 technologies.
The investment, which values Cosmose at $500 million, is set to propel the AI-driven retail ecosystem and apply Web3 principles to create a seamless shopping experience for users.
The latest funding announcement follows a Series A fundraise earlier in 2020, led by Tiga Investments, OTB Ventures, and TDJ Pitango.
Miron Mironiuk, Founder and CEO of Cosmose AI, said: “We are grateful for the ongoing support from NEAR Foundation and are excited about what’s to come. NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and while working with NEAR Foundation we discovered that our visions for the Web3-driven future are aligned. Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalisation.”
How NEAR Protocol Benefits Cosmose?
NEAR Protocol, which claims to be one of the most advanced blockchain technology available today, offers the fastest and most energy-efficient solutions for data storage and management.
By leveraging the power of Web3, Cosmose can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.
This approach ensures the highest level of privacy for users and aligns with the Company’s commitment to user safety.
50 times less than Stripe or PayPal
Through the partnership with NEAR Foundation, Cosmose Media and KaiKai, two of Cosmose AI’s products, will advance Web3-driven innovations.
KaiKai, in particular, has successfully leveraged NEAR Protocol for its own cryptocurrency used for payments, cash-back, and rewards: Kai-Ching.
Shoppers and retailers benefit from shorter payment processing times and significantly lower fees, making shopping a hassle-free experience. By utilising its Near-powered blockchain payment system, KaiKai, a platform where users can find nearby products and pay through the app, Mironiuk claims to reduce the transaction costs of a typical cup of coffee to just $4, which is 50 times less than Stripe or PayPal.
Marieke Flament, CEO of the Near Foundation, said: “We are excited to be supporting Cosmose as it continues to scale rapidly and to create new ways for retailers to offer customers the best and most seamless offline and online shopping experiences. The company has already been building on NEAR testnet for some time and with this additional support, Cosmose will have many more opportunities to grow and expand its offerings with Web3 in a way that is sustainable, transparent, and infinitely scalable. The company’s excellent AI innovation will help to intensify its global marketplace lead – and with superior AI-driven personalisation its user base will undoubtedly continue to grow – as new and existing customers will be seamlessly transitioned into the world of Web3 and all the exciting opportunities it brings.”
Predicts and influences how people shop offline
Founded by Miron Mironiuk in 2014, Cosmose AI connects the best offline and online to create a seamless experience for shoppers and increase sales for retailers.
Cosmose AI empowers some of the world’s most prominent companies, including LVMH, Richemont, L’Oréal, and Estée Lauder.
The company’s platform also offers AI-driven recommendations to its users, encouraging them to shop in nearby stores saving time, money, and the environment.
Since its first funding, Cosmose has expanded its product offerings and geographical footprint with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan, and Southeast Asia.
George Raymond Zage III, Founder, and CEO of Tiga Investments, said: “This strategic investment from NEAR is a testament to the strength of Cosmose AI’s technology and the potential for its artificial intelligence solutions to revolutionize the convergence of e-commerce and the retail industry. We look forward to seeing the continued growth and success of Cosmose.”
