Upp.AI, a London-based startup that provides software tools for ecommerce firms to improve sales and product discovery, has secured $10m in funding.
Founded in 2019, Upp.AI’s platform analyses data from ecommerce businesses with the goal of optimising ad spend, product discovery and ultimately boost sales.
Upp.AI, not to be confused with the Shropshire-based broccoli upcycling startup Upp, has worked with retailers including Charles Tyrwhitt, Onbuy, Roman Originals and Nkuku.
The company says it aims to be the “ecommerce operating system of choice for all retailers by 2025” and processes thousands of data points to react to stock alert changes and capitalise on online shopping trends.
“The scale and complexity of today’s online retail environment has extended beyond the capability of humans alone and needs the support of powerful AI and machine learning technology,” said Upp.AI co-founder Ben White.
“The Upp.AI platform enables retailers to excel in a competitive landscape, achieve better results around the clock and align their finance and marketing teams goals seamlessly.”
The investment round was led by California-based VC Bonfire Ventures, which has predominantly backed companies based in the US but holds a stake in London-based sales software firm Aforza.
“We believe that Upp. is the future of online sales. The company’s platform is incredibly powerful and has the potential to revolutionise the way retailers market, price and sell their products online,” said Mark Mullen, co-founder of Bonfire Ventures.
“The platform was conceived by a talented team who have run multi-hundred-million-dollar businesses in the past, so it possesses a lot of horsepower.”
Upp.AI said it will use the new funding to expand its team, accelerate the growth of its sales and marketing function, expand geographically and launch new automation solutions for retailers.
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