Artificial intelligence (AI) startup company Crossing Minds announced that it secured $10 million in a Series A funding round led by Radical Ventures. Index Ventures, Partech, and Lerer Hippeau also participated in the latest business funding round.
Helping Businesses Boost Customer Engagement
The startup company plans to use the new capital to continue to develop innovative products, grow its customer base, and expand its teams in San Francisco and Paris.
The Crossing Minds platform is used by well-known companies such as Penguin Random House, Danone, and Inkbox. It allows businesses to customize their features to better meet their unique needs while significantly reducing costs.
Last year, the COVID-19 pandemic doubled global online content consumption. Global ecommerce surged by over 24% to $4.3 trillion and this trend is only expected to continue. The strong expansion has made it harder for business organizations to make their products and services stand out from their competitors as they continue to look for new ways to personalize customer interactions.
“With growing pressures online to elevate experiences while also maintaining privacy, businesses need to be attuned to their customers in a radically new way,” said Alexandre Robicquet, co-founder and chief executive officer of Crossing Mind.
“At Crossing Minds, we believe the recommendation is the next frontier for online engagement and discovery. We’ve built a solution that can be quickly and easily implemented, customized for a business’s unique needs, and provide authentic experiences without compromising on customer privacy,” he added.
Robicquet and Emile Contal (CTO) were among the tech enthusiasts who founded Crossing Minds back in 2016. The duo initially launched the platform as a consumer app named “Hai” at TechCrunch's Disrupt Battlefield event, which offers user recommendations for books, music, shows, and more.
Since then, the startup company has continued to develop the platform, which ultimately pivoted to providing B2B services. Today, the startup company has developed one of the most efficient recommendation platforms for business organizations.
Sebastian Thurn, co-founder of Crossing Minds, praised the platform’s idea to utilize the emerging AI technology “to make the online shopping experience more delightful for customers.” He believes the team behind Crossing Minds “will change the face of ecommerce for generations to come."
Tomi Poutanen from Radical Ventures said the startup company has managed to help business organizations boost customer engagement while sustaining data compliance with its sophisticated AI technology. As a result of the new funding round, Poutanen will be joining Crossing Minds’s board of directors.
Since it started utilizing the platform, direct-to-consumer (D2C) consumer company Inkbox managed to boost email click-through rates by 250%, adds to cart by 348%, checkouts by 677%, and conversion rates among recurring users by 440%. Furthermore, the startup company has seen a nearly 67% boost in on-site conversions for new users.
The last metric indicates Crossing Minds’s ability to address the “cold start” issue for businesses, thanks to the platform’s instant and accurate recommendations. This is all possible without requesting personal identifiable information (PII).
AI startup Crossing Minds, which has developed a smart business recommendation platform, raised $10 million in a Series A funding round led by Radical Ventures. The startup company plans to leverage the fresh business funding to continue developing innovative products and expand its team.