London-based technology start-up, Upp., has raised €9.1 million in seed funding to develop its artificial intelligence (AI) and machine learning (ML) platform, Upp.AI. Bonfire Ventures led the investment round. Upp.AI uses ML to enhance retailers’ advertising campaigns, optimise ad spend, promote product discovery and increase eCommerce sales. The platform has already achieved a 52% uplift in Google channel sales for retailers in its first year of operation. Ben White and Drew Smith founded the company in 2019.
Ben White, the chairperson and co-founder of Upp., highlighted how today’s retail environment requires the support of AI and ML to achieve maximum results. Upp.AI’s platform empowers retailers in a competitive landscape to meet their goals around the clock and enables both finance and marketing teams to align seamlessly. The funding will be used to accelerate the growth of the sales and marketing function, expand Upp.’s automation solutions for retailers, build a world-class team and expand geographically.
Bonfire Ventures lead investor, Mark Mullen, said the platform has the potential to revolutionise the way retailers market, price, and sell products online, identifying its incredible power. Upp.AI is already used by high-profile retailers, including Onbuy, Roman Originals, Charles Tyrwhitt, and Nkuku.
The funding round, supported by notable technology angel investors, indicates investor confidence in Upp.’s approach. In recognition of its unique solution in a fast-changing industry, the platform is available for use in the UK, Europe and the US.
Upp.’s focus on enhancing eCommerce through the power of AI and ML marks a significant transition in the business world’s digital transformation. With the emergence of new business models, companies such as Upp., aim to transform the way retailers sell products online.
