- Cosmose AI just netted $15 million in Series A funding from Tiga Investments, OTB Ventures, and TDJ Pitango. The round values the startup at more than $100 million.
- Cosmose works with high-profile retailers, mainly in China, such as Walmart, Samsung, and LVMH to improve offline sales and advertising using anonymous consumer data.
- The raise will help Cosmose expand operations in Southeast Asia, the Middle East, and India. It hopes to become profitable by 2021.
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Cosmose AI, a startup that uses data to track offline shopping habits, has just raised a $15 million Series A round that values it at more than $100 million.
The startup gathers anonymous data, including location tracking, to understand how people shop in stores. It uses the data to inform the sales and advertising strategies of a number of high-profile retailers, including Walmart, Samsung, and luxury brand LVMH. It charges a subscription fee of between $5,000 and $10,000 a month.
The Series A round was led by Singapore-based investor Tiga Investments, and involved a series of Asian angel investors as well as European VC funds OTB Ventures and TDJ Pitango, who also participated in the startup's $12 million seed funding round in 2019.
Cosmose's main market is China, which accounts for $5 trillion of the $23 trillion global retail market, overtaking the US as the largest retail market for the first time in 2020.
The money will be used scale Cosmose's operations across Southeast Asia, the Middle East and India. The startup recently expanded its operations outside of China for the first time, into Japan, where it works with 20,000 stores and the country's leading e-commerce company.
By 2022, it hopes to double the amount of smartphones it collects data from to 3 billion, and to expand the network of stores it works with in Asia to 10 million, from 360,000 now.
Despite the drop in retail footfall during the pandemic, Cosmose expects to be profitable by 2021.
At the moment, revenue is being driven by a new product that helps retailers decide when to open stores, and how much inventory to prepare. Cosmose has also helped businesses direct customers who had previously bought in-person to online stores.
"We've seen continuous growth this year," says Mironiuk. "Thanks to the insights product we were able to keep growing and thanks to Japan and thanks to these new markets, I'm confident we'll be able to generate profit next year."
In the next few months, it also plans to launch a new product that provides insights to retailers based on how customers use their apps in-store.
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