Cosmose AI, a China-based offline shopping platform, announced on Tuesday it secured €12.5 million through its Series A funding round, which was led by Tiga Investments with participation from OTB Ventures and TDJ Pitango. Founded in 2014, Cosmose AI claims it “harnesses anonymous mobile user IDs and high precision location data” to empower various worldwide known companies, which include LVMH, Richemont, Walmart, L’Oreal, and Samsung. The company claims it gathers insights from more than one billion smartphones and 360,000 stores.
“The Cosmose platform gathers anonymized data on consumer behaviour to help retailers inform their sales and advertising strategies, retain their customer base and improve the shopping experience of customers in their stores.”
Cosmose AI further explained that following from seed funding in 2019, the Series A investment round reflects its commercial momentum with retailers in Asia in the aftermath of the Covid-19 pandemic and the easing of local lockdown restrictions In recent months, the company has entered commercial engagements with Marriott and Walmart to help them understand offline shopping habits and drive footfall. Speaking about the investment round and the company’s growth, Miron Mironiuk, CEO and Founder of Cosmose AI, stated:
“At Cosmose, machine learning is the foundation of everything we do, and I am proud that our technology can help the retail industry in this challenging environment. We are seeing great momentum across Asia and, with the backing of the world’s largest companies, I look forward to a bright and profitable future in retail.”
The Series A funding will be used to continue the expansion of Cosmose AI’s services.