NEW YORK--(BUSINESS WIRE)--FindMine, the leader in AI-powered dynamic content creation for brands, today announced that it has closed a new venture capital funding round. Led by XSeed Capital and Underscore VC, this investment supplements a previous seed round and brings total capital investment in FindMine to $9.9 million.
Proceeds from the investment will be used to accelerate go-to-market activities and advance development of FindMine’s AI-powered content engine. Driven by predictive intelligence and merchant sales data, FindMine 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 has created an entirely new category that addresses current shortcomings in the personalization and customer data platform (CDP) markets. The current personalization landscape has done a great job at carving out one-to-one communication channels with consumers based on their personal data. But it puts the onus on the brand to come up with content to share, resulting in the same small amount of assets being sent to every consumer/segment because marketing teams cannot create bespoke editorial content for every consumer. FindMine’s technology allows 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. Merchants use FindMine to improve bottom-line profitability and increase gross margins thanks to more effective inventory and logistics management.
“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,” commented FindMine CEO Michelle Bacharach. “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.”
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. In addition, the company will further develop its “headless” offering, which enables content from the FindMine platform to be injected into any customer experience via API.
“Retail has never been more competitive,” said Damon Cronkey, partner at XSeed Capital. “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.”
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. 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.
“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,” said Underscore VC Partner Lily Lyman. “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.”
Privately held and headquartered in New York, venture-backed FindMine is the leader in AI-powered dynamic content creation for brands. The company has created an entirely new product category in digital marketing that unlocks the full promise of personalization while protecting and enhancing a brand’s POV by eliminating the content bottleneck. FindMine’s content engine guides online shoppers with dynamic shoppable content (editorial themed pages, style guides, Complete the Look and more) that increase key sales KPIs across e-commerce, email, ads and social media, as well as in-store applications. FindMine works with top retailers and brands such as Mitchell Gold + Bob Williams, Rogers, adidas, Destination XL, Perry Ellis and many more. FindMine is a member of the LVMH Maison des Startups, a 2018 Gartner “Cool Vendor” in Retail and a Retail Tech Innovation Hub Global Technology of the Year finalist. For more information, please visit https://findmine.com/.