Netcore Solutions Acquires AI-based Startup Boxx.ai
- The deal was structured in part-cash and part-stock
- Boxx.ai was founded in 2016 by IITB and IITD alumini Ajay Kashyap, Prakhar Raj and Shitiz Bansal
Software as a service (SaaS)-based marketing automation company, Netcore Solutions has acquired Bangalore-based AI startup, Boxx.ai. The deal has taken place in part-cash and part-stock and has provided all existing investors an exit. Boxx.ai’s founders, Ajay Kashyap, Prakhar Raj and Shitiz Bansal and the rest of the team will join Netcore to continue building their product. Boxx.ai uses artificial intelligence (AI) and Machine Learning (ML) to help e-commerce companies increase their conversion rates by displaying the most personalized products for each user claims the company.
Founded in 2016
Ajay Kashyap, founder, Boxx.ai, said, “E-commerce companies spend a lot of money to get visitors on their sites, but 98 per-cent of them leave without buying. Boxx.ai solves this,it converts visitors to buyers. Integrating this capability with Netcore’s multi-channel marketing platform makes a killer combination for brands. They would be able to deliver a customer experience that is just perfect, right choice of channel, right timing of communication, right content, right creative, right messaging and right offers.”
The company was founded in 2016. Boxx.ai was initially funded and mentored by Suresh Shankar, founder and Chief Executive Officer (CEO) of CrayonData, and Venky Krishnakumar, ex-Chief Operating Officer (COO) and Chief Financial Officer (CF)) at Citibank Asia Pacific (APAC). It had raised pre-series-A funding from Unicorn India Ventures and Vivek Bhargava, CEO of iProspect, Dentsu Aegis Network.
source : http://electronicsofthings.com