- Convizit, a company that is applying unique AI technologies to disrupt the product analytics market, announced it closed $5 million in seed funding
Convizit, a company that is applying unique AI technologies to disrupt the product analytics market, announced it closed $5 million in seed funding. This round of funding was led by Pitango Venture Capital with the participation of earlier investor Jumpspeed Ventures. The funding will be used for doubling the size of the team, accelerating product research and development, and launching sales and marketing activities.
Convizit is addressing one of the biggest challenges faced by online product and marketing teams, which is gaining complete and accurate visibility into user behavior patterns. And this visibility is important for discovering ways of reducing friction, increasing user engagement, and maximizing conversion rates. Plus the importance of understanding user behavior patterns is evident in the size of this market. The product analytics market is expected to grow in size from about $7 billion last year to nearly $15 billion by 2024.
The existing product analytics solutions provide just a partial understanding of funnels and user flows. And this limitation is caused by the consideration of only a small fraction of all user behavior data due to the impossible task of manually selecting, tagging, and maintaining event tracking for every user action. Plus those tools require users to continuously make assumptions and test theories in order to discover why customers are behaving the way they are such as ‘what is the root cause of the 60% drop-off rate between users clicking add-to-cart and checking out for products in the swimwear department?’ As a result, companies have been flying nearly blind in their efforts to improve the business performance of their websites and apps.
Convizit is providing unparalleled visibility into user journey patterns with no need to first figure out what questions to ask or what directions to investigate. And the company’s unique AI technologies ensure that every user action on every page is captured, named, and enriched with a high degree of structured context detail automatically.
Having on-screen context details like “free one-day delivery” or “size M not available” associated with each user action is essential for achieving a better understanding of user decisions and behaviors. And with Convizit, product teams never need to pre-select, code, name or tag events to track, no matter how often a website changes.
Convizit’s first offering is already in use by a number of large e-retailers and is a DaaS solution that effortlessly delivers complete behavioral data. This pre-tagged and context-rich data is ready for immediate use by data-driven enterprises to significantly improve the value of their existing systems like analytics, BI, A/B testing, marketing automation, and personalization. This unique data also enables data scientists to achieve a never-before-available depth of funnel analysis, friction point identification, correlation/anomaly detection, user journey visualization, and insight generation.
“Convizit’s terrific team is truly revolutionizing how user behavior data is collected, structured and analyzed. We have been extremely impressed to see how quickly and effectively the team has progressed since we first met them at our TRIFECTA AI startup competition last year, in terms of both technology and business.”
-Gad Huldai, Partner at Pitango’s Early Stage fund — who joined Convizit’s board of directors.
“We are very pleased to have Pitango participating in our mission to disrupt one of the oldest and largest Internet arenas. Gad Huldai and the rest of Pitango’s excellent early-stage team have already proven to be extremely valuable partners, and we look forward to a long and rewarding relationship working with them and with our initial investor, Ben Wiener of Jumpspeed Ventures.”
-Convizit’s CEO and Co-founder Daniel Bashari