Artificial Intelligence (AI) is working to embed itself into all perspectives of our lives. From the developing number of self-checkout cash registers to high-level security checks at the airport; AI is just about everywhere.
Many e-commerce firms are already using forms of AI to understand better their customers, make new leads and offer an enhanced customer experience.
Nozzle.ai, a spinout of UCL’s Computer Science Department is one of them and now the startup has raised £2M in funding from Parkwalk Advisors, The Angel CoFund (ACF), UCL Technology Fund (UCLTF), and a syndicate of eCommerce-expert angel investors.
Victor Malachard, Nozzle.ai Co-Founder and Executive Chairman said: “This funding will help us reach new retailers and further support our existing clients in addressing the challenges and opportunities of selling and advertising in a competitive and fast-growing marketplace. The application of machine learning, and the fusion of transactional data with media data, brings brands a huge advantage in the Amazon environment, extracting maximum commercial value and sales performance. Our platform is at the forefront of unlocking this potential for international retailers.”
The funding will be used towards expanding the team across all business functions and the further development of Nozzle.ai’s product offering.
Neil Cameron, Investment Director at Parkwalk, the lead investor in the funding round, said: “Nozzle.ai technology is using the application of machine learning to revolutionise the e-commerce space. The early success of Nozzle.ai gives our team great confidence in its continued success. We are excited to be involved in this next stage of growth both in expanding their team and building up their product offering to accelerate adoption internationally.
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Designed by data scientists and Amazon experts
Headquartered in London, Nozzle.ai is an eCommerce and advertising optimisation platform for Amazon. The platform was designed by data scientists and Amazon experts to help brands maximise sales and share category and advertising performance on the e-commerce platform.
Makes use of Amazon’s API ecosystem
Using the data sets available through Amazon’s API ecosystem, Nozzle.ai provides companies with operational efficiencies, deep insights, and delivers continuous media to spend optimisation and sales performance across Amazon’s entire ad tech stack. This helps sellers and retailers drive market share and profitability on Amazon.
Used by major multinational brands
Notably, Nozzle.ai’s product suite of audit, analytics, and activation are already in commercial use with more than 100 customers, including major multinational brands and leading agencies including Omnicom Media Group and Interpublic Group agencies Reprise and J3.
Tim Mills, Managing Partner of ACF said: “Nozzle.ai is a great example of a UK company using advanced data science to create a strong product offering that delivers unparalleled value to users. Working closely with sellers, brands and agencies enhance their level of retail intelligence on the Amazon platform and provide a layer of technology the extends beyond anything previously available. This unique offering has already seen brilliant market traction and with this funding has the potential to expand in the international eCommerce market.”
David Grimm, Investment Director at UCLTF said: “Nozzle.ai have used their deep understanding of data engineering and machine learning to wring incredible insight out of disparate datasets. We have been highly impressed with the value this is creating for their customers, especially during the Covid-19 pandemic when Nozzle.ai algorithms helped clients identify and respond to the rapidly changing consumer behaviours. We are delighted to continue supporting them as they enter the next stage of growth”.