Nozzle.ai raises $2.6m to accelerate adoption of AI platform with brands and sellers on Amazon
Nozzle.ai is an eCommerce and advertising optimization platform for Amazon, headquartered in London. A spin out of UCL's Computer Science Department that specialises in ecommerce and online advertising research it combines top machine learning experts from within the world-leading computing science academic faculty with proven experienced Amazon specialists and business leaders in tech.
Today Nozzle.ai is pleased to announce that is has raised $2.6 million (£2 million) in funding from Parkwalk Advisors, The Angel CoFund (ACF), UCL Technology Fund (UCLTF), and a syndicate of eCommerce-expert angel investors. The funding will accelerate the company’s growth as it attracts major international brands and agencies to its proprietary AI platform.
The $2.6 million in funding will go towards expanding the team across all business functions and the further development of Nozzle.ai’s product offering (advertising audit, customer analytics and advertising bid management) accelerating adoption among sellers, brands and their agencies.
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 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.”
All three Nozzle.ai products 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.
Nozzle.ai customer Achal Patel, co-founder & CEO of Valumeds and Cabinet Health, commented:
“Amazon is our most important sales channel and as a modernised, sustainable over-the-counter medicine brand we were looking for a partner who could help us better understand our customers and give us the analysis to take our business to the next level. Working with our Valumeds’ Amazon data, Nozzle.ai has helped us understand our customer lifetime value and our customers' repeat purchase journeys across our product range. This has allowed us to calculate an accurate breakeven ACoS, re-allocate advertising and SEO budgets and run Amazon PPC campaigns more aggressively, knowing we can outspend competitors and gain market share whilst still being profitable. It has also given us the confidence to launch our new premium brand on Amazon - Cabinet.”
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."
Read the full story in UKTN