NEW YORK, NY, 4th May 2023 – DataMilk, the provider of AI algorithms for commerce companies, has announced the successful completion of its Series A funding round, raising $8 million. RTP Global led the funding round with participation from Angel Invest, Big Bets, TLF Ventures and others. The funding will be used to further develop algorithms and scale the customer base.
DataMilk privacy first AI algorithms combine user behavior data with latest AI models such as GPT to enable commerce companies to make real time UX decisions to maximize revenue. The company's founder and CEO Peter Szalontay spent 5 years as a product manager on Google Search and harnessed the power of behavioral data and AI at Google to drive revenue increase for Alphabet.
"The greatest internet companies in the world have given control to powerful AI algorithms to show the best content at each moment to their users. The opportunity in commerce is huge - businesses are sitting on an unexplored goldmine of behavioral data," said DataMilk's CEO, Peter Szalontay. "DataMilk provides cutting-edge AI algorithms to build powerful eCommerce experiences on top of the most powerful dataset - shoppers' behavior. Our customers are forward-thinking commerce companies who want to gain a competitive edge in the AI race toward the highest revenue shopper experience."
“The power of DataMilk AI gives us great results with minimal effort. We were able to see an increase in revenue of 8% quickly using DataMilks managed smart components and are now looking forward to doubling down on DataMilks algorithms via their API as another growth lever.” said Steve Griffiths, Head of Digital Development at Revolution Beauty - one of the largest beauty retailers in Europe.
DataMilk's algorithms are versatile and cater to commerce companies with both large or no engineering resources. DataMilk provides its algorithms in two ways, Either via our API or via a managed solution.
“We are thrilled to invest in DataMilk, whose cutting-edge AI technology is poised to revolutionize the commerce market. With its innovative approach to enterprise software, DataMilk is leading the change in creating the next generation of intelligent and scalable solutions that will power businesses forward in the digital age.” Said Galina Chifina, Investment Partner at RTP Global
DataMilk's successful Series A funding round is a testament to the growing importance of AI algorithms in the commerce industry. The company is well-positioned to help commerce companies unlock the full potential of their users' behavioral data with AI and achieve sustainable, long-term revenue growth.