AI, it’s all the rage these days.
Investors poured a record high of $4.9B into artificial intelligence (AI) startups in 2016, and AI is already affecting more areas of our lives than many people realize. Even retail and e-commerce companies are increasingly integrating the technology. While chatbots may be one of the more well-known use-cases for AI in commerce, there are many other startups finding alternative uses for AI in the space.
In 2017, some of the largest deals to AI commerce startups have included a $19.5M Series D to in-store visual monitoring startup Trax Image Recognition from Investec, a $16M Series A funding to location-based marketing startup Databerries from investors including Index Ventures and Mosaic Ventures, as well as a $15M Series B to natural language search startup Twiggle from Korea Investment Partners and Mizmaa Ventures. […]
While there are numerous other AI startups focused broadly on personalized marketing and ad targeting, we limited this market map to startups whose core focus is retail and e-commerce.
With AI, it is the same as with AR/VR these days. We’re at the same stage with those technologies right now as we were with mobile in, say, around 2009. Massive potential becomes palpable, but we’re still far away from killer use cases and a real market.
Of course AI and AR together will become very interesting soon, especially for online retail. (See this upcoming Ikea app using Apple’s new ARKit for the upcoming iOS 11 for example. With ARKit this sort of thing becomes very easy to implement, compared to before. (Which in turn will lead to an onslaught of experiments in this sector.))
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