Klevu raises $12m and launches Discovery Suite solution
Klevu, a provider of AI powered search technology for e-commerce sites, has closed a $12 million Series A round.
This was led by Alfvén & Didrikson, with participation from initial investors EVLI Growth Partners, Jerry Pruttz Holding and Jonas Dromberg.
Klevu, which was founded in Finland in 2013, will use the funds to accelerate its global expansion and further develop data driven products that leverage machine learning and natural language processing.
The company has also launched Discovery Suite, a solution that captures online shoppers’ intent to drive conversion, average order value and loyalty.
“Search and discovery remains the most overlooked aspect of the e-commerce experience and more than 30% of online shoppers will ‘bounce,’ or leave a site quickly, if they can’t find what they want,” says Nilay Oza, CEO and Co-founder, Klevu.
“But search isn’t limited to just the search box; it encompasses every part of an online shopper’s experience, from using filters and navigation tools to receiving product recommendations and even chat—all of those touchpoints are part of search.”
Oza adds: “Our Discovery Suite is a holistic solution that enables brands to personalise the entire search and discovery experience to drive sales and relevancy, while also gaining data insights that can inform merchandising and product development decisions.”
