Quin AI secures £582k in seed round led by SFC Capital to help streamline online efficiency at e-commerce businesses
Investors in this round: SFC Capital (led by), NCA, Logo Ventures, and StartersHub
The funding will be used to scale the business across the UK and Germany as well as build out their business offering
Quin AI, a predictive AI startup founded by two sisters, Gonca Gulser and Gulsah Gulser, has raised £582K funding led by SFC Capital and with participation from NCA, Logo Ventures, and StartersHub. The fund has been raised to scale Quin AI’s activities in the United Kingdom and Germany, as well as further innovations in AI for creating intelligent applications.
Achievement of the fabled “real-time enterprise”, able to perceive and react to events and changes as they take place is the key to success. The revolution is happening but going real-time is still tricky and costly. The need for real-time algorithms, predictive insights and data infrastructure are creating a new category of applications, and Quin AI is positioned as a fully autonomous predictive AI tool for low touch digital selling and engagement.
Quin AI begins to understand each and every visitor, as soon as they land, and it predicts their behavior in a matter of a few clicks in a privacy-safe mode. Predictions are processed to engage with visitors in real-time, under 70ms either through native pop-up or API integrations with any existing engagement tool. The tool is very simple to set up, leverages first-party data and can immediately increase companies’ revenue by 30 percent in 15 days. Quin AI provides solutions for e-commerce businesses with traffic as low as 250K monthly visitors as well as larger businesses.
Gulsah, CEO of Quin AI said: “We are very excited to close this round with an amazing team and group of investors in making easy, accessible, and privacy-safe ML applications to predict user behavior. We already started our journey with the e-commerce industry where there are massive amounts of untapped user data and increasing privacy concerns.”
Gulsah has over ten years of management consulting experience with a focus on customer strategy, and Gonca has twenty years experience as a data scientist, specialising in customer behaviour analytics including in e-commerce. The idea for Quin AI was developed when the sisters noticed in their research and business projects that traditional tools and technologies stay insufficient, especially when real-time engagement and personalisation for online visitors is required.
Relying on historic data and large amounts of information on users, increases the time needed to process user data and reporting where users can make decisions in milliseconds. The result is that staying agile becomes challenging where managing the scalability and usability of solutions is required. Quin AI brings a new level of real-time intelligence to online stores and existing tech-stacks used in the e-commerce industry.
Edward Stevenson, Investment Executive of SFC Capital expresses that: “With the rising prevalence of data protection and the declining use of 3rd party data, it is becoming much harder to target customers online. Quin AI have developed and deployed a solution that mitigates this problem, which enables online retailers to analyse the actions of customers on their websites in real-time and take actions that boost conversions and sales. We are excited to see what the future holds for Quin AI and the great team driving it forward.”
Thorsten Wittmuetz, Managing Partner at Next Commerce Accelerator (NCA), said: “Quin’s fast traction in building the technology is backed and validated by strong brands like Kingfisher’s subsidiary, Under Armour, and Decathlon as customers. Our investment into Quin AI shows our commitment to support scalable, hands-on solutions that drive direct revenue uplifts in the field of e-commerce. We as NCA are convinced by the huge market opportunity, the innovative product approach, and the superior founding team.”
Arda Askin, Managing Director, StartersHub, said: “We are very happy to be part of Quin AI’s journey in helping e-commerce companies increase their revenue and engagement. With Quin AI’s real-time technology, retailers acquire new tools to understand customer actions without the need for cookies. We are very excited to see how Quin AI’s new approach will evolve within the market.”
Merve Zabci, General Partner, Logo Ventures, said: “We are thrilled to be partnering with Gulsah and Gonca and backing a female-led team as they transform the use of real-time data to predict user behavior across more countries.”