New USD $7.4 Million Investment Follows Impressive Growth in North America
Nosto, a leader in ecommerce personalization and artificial intelligence (AI) tools for retail, announced the closing of a new round of funding totaling USD $7.4 million led by European investment companies Tesi, Open Ocean and Idinvest. Nosto’s innovative retail personalization solutions have fueled a three-year growth rate of 260 percent in North America driven by deep relationships with 2,500 of the world’s fastest growing retail brands. To date, Nosto has raised more than $25 million from investors to further expand its leadership in artificial intelligence and deep learning for retail.
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Nosto has also driven a gross merchandise volume (GMV) of more than $10 billion through its customer stores, and clients using Nosto are averaging a 22 percent increase year over year GMV compared with the industry average of 14 percent. The company’s momentum is driven by its patented technology, predictive AI-algorithms and successful expansion across Europe and North America.
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“We’re very proud of the momentum that we’re experiencing and the widespread adoption of our AI-powered personalization platform. This funding round comes on the back of major product advancements we launched earlier this month where client impact and results have been phenomenal. With these new products, we’re now enabling retailers to personalize the entire brand and shopping experience in real-time based on our proprietary AI algorithms, which have trained across tens of billions of data points,” said Jim Lofgren, CEO of Nosto. “As we expand our offerings to deepen the personalization experience, we are confident that we will improve the customer and brand relationship and drive increased sales for retailers. We’re grateful to our investors for their confidence in our growth and support in cementing our position as a leader in retail AI.”
The new funds will be used towards investments in Nosto’s machine learning core, omni-channel personalization and continued international expansion.
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