Cosmose Valued at $500M in the Latest Strategic Investment from NEAR Foundation to Expand Application of AI in Consumer Retail
- 24.04.2023 10:55 am
Cosmose AI (“Cosmose” or “the Company”), the global platform that predicts and influences how people shop offline, today announced the strategic investment from NEAR Foundation, a leader in Web3 technologies, valuing the company at $500 million. With this new investment, Cosmose is set to apply Web3 principles and further advance the AI-driven retail ecosystem.
Founded in 2014, Cosmose AI connects the best of offline and online to create a seamless experience for shoppers and increase sales for retailers. Cosmose empowers some of the world’s most prominent companies including LVMH, Richemont, L’Oréal and Estée Lauder, whilst also offering AI-driven recommendations to its users encouraging them to shop in nearby stores saving time, money, and the environment.
With the new investment, Cosmose will continue to innovate within the Web3 ecosystem to create seamless experience for shoppers and increase sales for retailers. NEAR Protocol is the most advanced blockchain technology available today, offering the fastest and most energy-efficient solutions for data storage and management. By leveraging the power of Web3, Cosmose can ensure that users maintain complete control over their data and benefit from the ecosystem they help create. This approach ensures the highest level of privacy for users and aligns with the Company's commitment to user safety.
Through the partnership with NEAR Foundation, Cosmose Media and KaiKai, the two Cosmose AI’s products, will advance Web3-driven innovations. KaiKai has been successfully leveraging NEAR Protocol through the creation of its own cryptocurrency utilised for payments, cash-back and rewards: Kai-Ching. Thanks to Kai-Ching, shoppers and retailers benefit from shorter payment processing time and significantly lower fees.
Miron Mironiuk, Founder and CEO of Cosmose AI, said: “We are grateful for the ongoing support from NEAR Foundation and are excited about what’s to come. NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and while working with NEAR Foundation we discovered that our visions for the Web3-driven future are aligned. Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalization.”
Marieke Flament, CEO of the Near Foundation, said: “We are excited to be supporting Cosmose as it continues to scale rapidly and to create new ways for retailers to offer customers the best and most seamless offline and online shopping experiences. The company has already been building on NEAR testnet for some time and with this additional support, Cosmose will have many more opportunities to grow and expand their offerings with Web3 in a way that is sustainable, transparent and infinitely scalable. The company’s excellent AI innovation will help to intensify its global marketplace lead - and with superior AI-driven personalisation its user base will undoubtedly continue to grow - as new and existing customers will be seamlessly transitioned into the world of Web3 and all the exciting opportunities it brings.”
George Raymond Zage III, Founder and CEO of Tiga Investments, said: "This strategic investment from NEAR is a testament to the strength of Cosmose AI's technology and the potential for its artificial intelligence solutions to revolutionize the convergence of e-commerce and the retail industry. We look forward to seeing the continued growth and success of Cosmose."
Today’s announcement follows a Series A fundraise earlier in 2020, led by Tiga Investments, OTB Ventures and TDJ Pitango. Since then, the Company expanded its product offerings and geographical footprint with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia. Cosmose AI gathers insights from smartphones and helps understand offline shopping habits and drive footfall across 20 million venues in Asia.