London-based Quin AI, a predictive AI startup, has raised £582K funding led by SFC Capital which recently also invested in FourJaw and Honeycomb Network along with participation from NCA, Logo VC, and StartersHub.
Helps e-commerce businesses
The proceeds of the funding round will be used to scale its activities in the United Kingdom and Germany and come up with further innovations in AI for creating intelligent applications. Also, it will be used to help streamline online efficiency for e-commerce businesses of all sizes.
Gulsah, CEO of Quin AI said: “We are very excited to close this round with an amazing team and group of investors in making easy, accessible, and privacy-safe ML applications to predict user behavior. We already started our journey with the e-commerce industry where there are massive amounts of untapped user data and increasing privacy concerns.”
Edward Stevenson, investment manager of SFC capital said, “With the rising prevalence of data protection and the declining use of 3rd party data, it is becoming much harder to target customers online. Quin AI has developed and deployed a solution that mitigates this problem, which enables online retailers to analyze the actions of customers on their websites in real-time and take actions that boost conversions and sales. We are excited to see what the future holds for Quin AI and the great team driving it forward.”
Thorsten Wittmuetz, Managing Partner at Next Commerce Accelerator (NCA), said: “Quin’s fast traction in building the technology is backed and validated by strong brands like Kingfisher’s subsidiary, Under Armour, and Decathlon as customers. Our investment into Quin AI shows our commitment to support scalable, hands-on solutions that drive direct revenue uplifts in the field of e-commerce. We as NCA are convinced by the huge market opportunity, the innovative product approach, and the superior founding team.”
Arda Askin, Managing Director, StartersHub, said: “We are very happy to be part of Quin AI’s journey in helping e-commerce companies increase their revenue and engagement. With Quin AI’s real-time technology, retailers acquire new tools to understand customer actions without the need for cookies. We are very excited to see how Quin AI’s new approach will evolve within the market.”
Merve Zabci, General Partner, Logo Ventures, said: “We are thrilled to be partnering with Gulsah and Gonca and backing a female led team as they transform the use of real-time data to predict user behaviour across more countries.”
Predictive AI tool by sisters
Quin AI was founded by sisters Gonca Gulser and Gulsah Gulser in 2020. The idea was developed when they noticed that traditional tools and technologies stay insufficient, especially when real-time engagement and personalization for online visitors are required. Gulsah has over ten years of management consulting experience with a focus on customer strategy, and Gonca has twenty years of experience as a data scientist, specialising in customer behavior analytics including in e-commerce.
While relying on historic data and large amounts of information on users, increases the time needed to process user data and reporting, users can make decisions in milliseconds. Quin AI brings a new level of real-time intelligence to online stores and existing tech stacks used in the e-commerce industry. Its mission is to provide easy, accessible and privacy safe ML to predict user behaviour in real-time
Quin AI predicts customers’ behaviour in a matter of a few clicks in a privacy-safe mode as soon as they enter a business’ website. The tool can increase a company’s revenue by 30% in just two weeks.