- FindMine recently announced it closed a new venture capital round. These are the details.
FindMine recently announced it closed a new venture capital round.
Funding amount: Unknown
Funding round: Supplements seed round
Investors: Led by XSeed Capital and Underscore VC
Total funding raised: $9.9 million
Plans for the funding: The proceeds from the investment will be used to accelerate go-to-market activities and advance the development of FindMine’s AI-powered content engine.
FindMine is driven by predictive intelligence and merchant sales data and the company helps brands articulate their unique points of view to increase revenue and inventory performance across multiple sales channels – including e-commerce, email campaigns and targeted messaging, advertising and social media campaigns, and in-store applications such as kiosks, personal shopper programs and sales associates platforms.
By focusing on the content bottleneck, FindMine created an entirely new category that addresses current shortcomings in the personalization and customer data platform (CDP) markets. And the current personalization landscape has done a great job at carving out one-to-one communication channels with consumers based on their personal data.
FindMine will grow its go-to-market team and continue to develop dynamic content creation as a market sector, developing new tools that will enable brands to use AI-powered content across their complete ecosystems. And the company will place specific emphasis on tying merchandising data to content and marketing storytelling, with a focus on innovation around customer experiences that are only possible when retailers and brands no longer have content creation constraints.
What FindMine does: FindMine’s technology enables marketers to showcase unique, curated shoppable assets to every single segment and customer to improve top-line revenue with larger shopping carts and longer, more profitable customer lifecycles. And merchants use FindMine to improve bottom-line profitability and increase gross margins thanks to more effective inventory and logistics management.
The new investment will enable FindMine to further develop its machine learning technology to take advantage of new datasets like inventory location, allowing retailers and brands to improve sustainability by driving down split-shipments. And the company will further develop its “headless” offering, which enables content from the FindMine platform to be injected into any customer experience via API.
KEY QUOTES:
“The current personalization process is broken, and one-to-one, persona-based marketing simply does not scale, because the industry forgot about one big piece of the equation: the content. We’re changing the game with AI-powered automation that can create visual, shoppable assets in milliseconds. We’re excited about this investment because it means that we can continue to grow our platform’s ability to create highly-produced and differentiated editorial content out of thin air – empowering brands and retailers to maintain visibility with customers and other key audiences while driving both revenue and loyalty.”
— FindMine CEO Michelle Bacharach
“Retail has never been more competitive. And FindMine has proven that they understand how to solve one of the most challenging issues in online marketing, which is creating a large volume of relevant content that drives purchasing behavior and leads to long-term success. By leveraging AI and their deep experience with top brands, FindMine is poised to become the leader in an exciting and incredibly large new market.”
— Damon Cronkey, partner at XSeed Capital
“Michelle’s ability to combine e-commerce business building, brand empathy and cutting-edge AI technology makes her uniquely qualified to transform how online merchants reach their customers at scale. As a firm with deep experience and interest in e-commerce, we believe FindMine will transform brands’ ability to efficiently produce and distribute content to customers in this omnichannel world.”
— Underscore VC Partner Lily Lyman
