Cambridge-based Cooee, an AI platform that helps mobile app providers retain customer retention with personalised engagement, has nabbed £300K in pre-seed funding. The financing came from investors, including Jenson Funding Partners that invested in NeuroCreate, Onoco, Caterpillar and others, and several angel investors from the US, India and UK.
Cooee intends to use the funding for further product development, and increase its e-commerce store reach. Also, it plans to launch an augmented reality version of the product. The financing comes at a time when Cooee aims to democratise AI for digital user engagement. Also, the components has the goal of tapping into the US market, one of the biggest Augmented Reality markets.
Cooee CEO and founder, Shwetank Tamer, said: “We created Cooee with a mission to make data-driven user engagement possible, affordable and effective for eCommerce. In the digital world today, users don’t shop for products, they look for experiences. Customers expect personalisation by default but most mobile apps struggle with multiple platforms, skillsets and technology, and thus are unable to engage and delight. Just a 5% increase in retention can add up to an 80% increase in revenue, Cooee makes that happen.”
Jeffrey Faustin, Chief Investment Officer at Jenson Funding Partners, said: “Cooee is one of the first companies in this space that I’ve come across to truly put personalisation 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’ – with the company using technology to scale and automate content creation so that firms can spend less on human designers. This is already a fascinating and disruptive trend in the marketing world, and I look forward to seeing Cooee at the forefront.”
AI-powered SaaS platform
Founded by Shwetank Tamer, Shikhar Jain, and Shashank Agarwal in 2020 in Cambridge, Cooee is AI-powered digital experience platform for customer conversion, delight, engagement, upsell, retention and loyalty.
The UK startup delivers one-to-one personalised in-app and push notifications to help businesses increase revenue and reduce churn. It uses AR, computer vision and machine learning to create unique engagements for every customer in real-time rather than the traditional approach of bucketing different users in finite segments and delivering campaigns on a fixed schedule.
The AI SaaS platform is available on mobile apps, desktop, Woocommerce and Shopify with a plan to add Canva, Wix and other popular e-commerce channels as well.
What does Cooee do?
As per reports, it is estimated that personalisation will be worth up to $3 trillion across all industry verticals. Cooee aims to target this market segment with its AI technology that will be used to automate content creation.
This low-code AI-powered SaaS platform is intended to help companies embed the service within their app in minutes using a simple integration. With every engagement delivered, Cooee continuously learns and improves automatically. Its personalisation-as-a-service allows companies big or small to get access to cutting-edge deep-tech at an affordable cost.
The deep tech platform integrates in minutes with customers’ mobile app or website to deliver unique, data-driven and immersive notifications. Its unique approach allows a marketer to be creative and create templates without the use of any design tool or software. These can be combined with machine learning algorithms to deliver one-to-one user engagement.