Xeno has secured $1.6 Mn in a seed funding round.The marketing automation startup will use the money to further invest in its products as well as to ramp up hiring across several verticals.
Xeno has raised $1.6 million in a seed investment round led by a group of private and institutional investors. This round of fundraising was led by Vinyl Capital, Ankur Nagpal’s Vibe Capital, Java Capital, and Angel Invest Ventures.
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, and Tracxn founder Abhishe.
The investment will be used to further invest in the product by the startup. Xeno also intends to increase hiring and will most certainly quadruple its staff in the near future across a variety of industries, including engineering, sales, product development, and customer support.
Pranav Ahuja, CEO and cofounder of the startup, stated Xeno was very selective in its relationships, and that the funding came from entrepreneurs who had already encountered similar situation.
Customers are encouraged to input their mobile phone numbers at every billing counter so that they can receive promotional emails or be a part of their loyalty programmes.
However, these companies frequently begin bombarding buyers with irrelevant advertising messages for things in which the buyer has no interest.
What Xeno does is make this procedure easier. It collects data from these large merchants and creates targeted adverts for actual buyers on platforms of the user’s choosing, such as Facebook, Instagram, or WhatsApp.
Artificial Intelligence is at the heart of Xeno’s operations. The startup collects data from the user’s number, which was previously linked to other purchases.
The AI then pulls a deluge of information, such as the size, colour, make, time of purchase, category and sub-category, and so on.
These data points are then fed into a prediction algorithm, which suggests a buyer who is closely related to them. The AI then follows this buyer and suggests a probable future purchase.
Ahuja said of AI, “We work with major brands that have been around for a while and they have access to information about customers for years. All of that data is fed into the Xeno ecosystem, and we use it to train the algorithm.”