Cosmose AI focuses on Web3 as it secures investment from NEAR Foundation, valuing firm at $500m
Cosmose AI, which has developed a platform that uses AI analytics to track in-store foot traffic and engage with shoppers online, has announced an undisclosed investment from NEAR Foundation, the non-profit arm of blockchain protocol NEAR, valuing the company at $500 million.
Founded in 2014, Cosmose AI works with the likes of LVMH, Richemont, L’Oréal and Estée Lauder.
With the new investment, it will focus on the Web3 ecosystem with the aim of creating seamless experiences for shoppers and increasing sales for retailers.
The pair are building a payment system that allows users to shop with crypto at low transaction fees.
Miron Mironiuk, Founder and CEO at Cosmose AI, says: “We are grateful for the ongoing support from NEAR Foundation and are excited about what’s to come.”
“NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and while working with NEAR Foundation we discovered that our visions for the Web3 driven future are aligned.”
“Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI driven personalisation.”
Marieke Flament, CEO at NEAR Foundation, says: “We are excited to be supporting Cosmose as it continues to scale rapidly and to create new ways for retailers to offer customers the best and most seamless offline and online shopping experiences.”
“The company has already been building on NEAR testnet for some time and with this additional support, Cosmose will have many more opportunities to grow and expand their offerings with Web3 in a way that is sustainable, transparent and infinitely scalable.”
“The company’s excellent AI innovation will help to intensify its global marketplace lead - and with superior AI driven personalisation its user base will undoubtedly continue to grow - as new and existing customers will be seamlessly transitioned into the world of Web3 and all the exciting opportunities it brings.”
Cosmose AI closed a Series A fundraise in 2020, led by Tiga Investments, OTB Ventures and TDJ Pitango.
Since then, it has expanded its product offerings and geographical footprint with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia.
It gathers insights from smartphones and helps understand offline shopping habits and drive footfall across 20 million venues in Asia.
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