Startup Xeno has raised $1.6 Million in a seed funding round from a slew of individual and institutional investors. Vinyl Capital, Ankur Nagpal’s Vibe Capital, Java Capital and Angel Invest Ventures participated in this round of funding.
The startup will use the funding to further invest in its product development. Xeno also plans to ramp up hiring and will likely double its headcount in the near future across a slew of verticals, including engineering, sales, product development and customer service.
Startup Xeno to leverage AI to fuel its business expansion
At the core of Xeno’s operations is Artificial Intelligence. The company gathers information from the user’s number, which could previously be linked to other purchases.
The startup plans to build customer intelligence hubs for brands to better enable them to understand individual buyers. This he said would improve the quality of customer service and in-store experience for customers.
The AI then extracts a slew of information be it the size, colour, make, time of the shopping, category and sub-category, among other information.
These data points then undergo a prediction model to suggest a closely linked buyer. The AI then tracks this buyer and recommends the possible next buy.
The Xeno Funding round also saw participation from other investors that included Curefoods founder Ankit Nagori, Mamaearth cofounder Varun Alagh, Apache Cassandra’s Prashant Malik, CRED’s Kunal Shah and Miten Sampat, Haptik founder Aakrit Vaish, Loginext founder Dhruvil Sanghvi, Profitwheel founder Vivek Bhargava, Fynd founder Farooq Adam, Verlinvest’s Arjun Vaidya, Tracxn founder Abhishek Goyal, among others.