by Klevu on Dec 04 2020
Klevu, the leading search engine for e-commerce, is on a mission to democratise discovery in retail. The very identity of online retail is in crisis. The likes of Amazon are far ahead in terms of innovations in ML and NLP. Klevu’s mission is to not only bridge the gap but build world class innovations in retail discovery to help retailers of all shapes and sizes to increase conversion.
Klevu is pleased to announce a $12 million investment in its global business. With this funding, Klevu is set to take market leading e-commerce search & discovery to the next level with growth funding from Alfvén & Didrikson. The company’s software assists online retailers of all sizes to improve shopping experience and increase conversion by enhancing search and discovery with the help of a product suite based on natural language processing and powered by artificial intelligence.
The largest investment in the company to date was led by Alfvén & Didrikson, with participation from current investors, including EVLI Growth Partners, Jerry Pruttz Holding, and Jonas Dromberg. The funding will further accelerate Klevu’s global expansion and product innovation capabilities.
With more than 70 employees spread out across offices in the UK, USA, India, Finland and Sweden, Klevu today serves more than 3,000 online stores globally, including some of the world’s most well-known brands such as Puma, Yamaha, Toys “R” Us and many more.
Commenting on the investment, Nilay Oza, Co-founder and CEO of Klevu said: “With this investment we are well positioned towards our mission of democratising discovery in online retail. We will further invest into strengthening our leadership in ML-NLP led innovations for online retail that bring data driven business success for our customers.”
With this funding, Klevu is also announcing a Global Semantic Lab initiative that will build next generation innovations at the intersection of Machine Learning and Natural Language Processing, for online retail. The initiative will not only strengthen Klevu’s leading edge competitive advantage in AI for Retail but also provide a dependable platform for retailers to stay relevant in the age of amazonification.
Tiyam Afshari, Partner at Alfvén & Didrikson: “We are thrilled to be able to support Klevu and look forward to the next steps in their global growth journey. The company has grown at an impressive pace and we are truly impressed with the team and by the strength in the product offering, which was verified to us during our due diligence.”
Ari Korhonen, Growth Partner at EVLI commented: “Since we joined forces with Klevu, the development of the company has been impressive. Despite the challenging year, the company has been able to take major steps forward with the product while growing rapidly to help e-commerce merchants to offer their customers high-quality service in this new environment. This funding marks another great milestone and achievement for Klevu and we warmly welcome Alfvén & Didrikson to this exciting journey.”
Klevu is a rapidly growing global Finnish technology company that has brought to the market the most advanced discovery engine for online retailers helping clients to drastically increase conversions, drive sales and improve shopping experience. Klevu offers its retail customers a platform agnostic AI powered personalisation discovery suite that is easy to integrate, optimise and maintain at the most competitive price; delivering the most relevant results and ultimately connecting shoppers with the products they love.
Klevu has offices in the UK, USA, India, Finland and Sweden from where it serves a truly global customer base of more than 3,000 online retailers.