Headquartered in Newark, California Optiwise.ai, Inc (“Optiwise”), a leading marketplace optimization platform, has raised $1.3 million led by StartupXseed Ventures. Optiwise.ai assists brands and retailers in scaling their eCommerce business across multiple marketplaces by combining the power of machine learning and artificial intelligence, and the experience of a seasoned team of data scientists with decades of eCommerce experience to provide actionable insights and optimize performance across marketplaces.
With the new funds coming in, Optiwise.ai will continue to invest in the product, build a world-class team, and expand their current customer base beyond North America to other emerging eCommerce regions globally.
Since its inception, Optiwise.ai has onboarded hundreds of marketplace sellers and assisted them in significantly growing their businesses through its cloud-based platform. Most of these sellers witnessed a 3.2X increase in traffic, a 46% increase in conversion, and a 2X jump in revenues, and they are just starting.
“I’m excited to have StartupXseed as an investment partner on our journey to grow Optiwise.ai. This investment, along with the success of our customers, further validates our product-market fit strategy and further propels our vision of helping our customers optimize their revenue across marketplaces, said Deepak Goyal, Co-Founder and CEO of Optiwise.ai”.
Rahul Shah, Co-Founder and CTO, Optiwise.ai said, “We have been investing in Artificial Intelligence (AI), and Machine Learning (ML) technologies to develop cutting-edge products to provide an exceptional customer experience, and this investment will accelerate our path to adding more advanced capabilities into our product”.
Regarding the investment, Ravi Thakur, Co-founding Partner at StartupXseed Ventures, commented, “We felt intrigued after understanding the kind of potential e-commerce holds, the rate at which it is expected to grow and how the marketing works using technology as an integral part of the business model. The Founding team understands the space well, and we feel that the team is capable enough to look at scaling the business at a fast pace”.
Product listing optimization, in conjunction with optimized paid advertising, is a game changer in the eCommerce industry. When combined with marketplace intelligence, effective optimization strategies provide competitive visibility, resulting in increased reach and product experience to the right audience, directly translating into higher sales and revenue for businesses.
Deepak Goyal and Rahul Shah, IIT Roorkee and IIT Kharagpur alumnus with two decades of experience in building enterprise SaaS products in the eCommerce space and extensive expertise in AI/ML technologies, founded Optiwise.ai, a marketplace optimization platform.