Investment from Hasso Plattner, Battery Ventures and Clear Ventures Will Fuel the International Expansion of Reflektion’s AI-Powered Solutions for the Retail Industry
Reflektion, the leader in individualized personalization solutions for the retail industry, today announced it has raised $12 million in financing. With triple-digit growth in 2017, Reflektion will use the new investment to continue its rapid expansion into international markets—particularly in the EMEA region which accounts for 10 percent of its total revenue. The news comes at a time when retailers are doubling down on AI as the only option to make sense of vast amounts of data to gain a full view of the customer and respond to individuals’ preferences and intent in real-time.
- Led by Hasso Plattner, existing investors including Battery Ventures and Clear Ventures also participated.
- Reflektion was founded by Google pioneers and closed its first investment round in 2012.
- The company pioneered AI-driven customer engagement with a platform that understands and influences the intent of each customer in real-time and instantly delivers the most individually relevant content across all touchpoints.
“Within short order, Reflektion has demonstrated how its AI-based technology and unique approach to knowing customers’ preferences and intent can dramatically impact business,” said Yair Reem of Hasso Plattner Ventures. “Reflektion continues to stand out in the space and we’re looking forward to what the future has to hold in terms of international expansion and further growth.”
Leading retail brands such as TOMS, Ann Taylor, Sur La Table, Godiva and Destination XL rely on Reflektion’s AI solutions to combine individual shopper insights, product intelligence and deep learning to create impactful ecommerce experiences that translate to double-digit increases in key metrics such as conversion rate and average order value. To date in 2017, Reflektion has more than tripled its client roster and this year expanded internationally with the addition of Canadian online health and wellness retailer Well.caand the dominant ecommerce platform Hepsiburada in Turkey.
“AI is truly redefining the way people shop and today there are more ways than ever to do so—from voice-enabled devices to photo search, for instance. In the coming years, experiences driven by Reflektion’s AI-powered solution will become even more in demand as brands look for the best option to deliver on a customer-centric approach,” said Amar Chokhawala, Reflektion’s founder and CEO. “We’re motivated by changing industry demands, which make us well-positioned to continue to grow at the pace we have seen over the past few years.”