Cooee’s wake-up call in $3 trillion DeepTech market
Cooee, a Cambridge-centric AI SaaS platform that helps app providers retain customers with personalised notifications, has received £300k in pre-seed funding and is already a global success.
The business is set to switch from a remote working model targeting Cambridge to a physical base on the Science Park in the coming months.
Ideated and incorporated in the UK in 2020, the team has already grown to 12 people working from the UK, India, Brazil and South Africa. It has customers in seven countries and establishing US operations is on the cards. The US is one of the biggest Augmented Reality markets that Cooee aims to tap into.
The pre-seed funding comes from investors including Jenson Funding Partners, the venture capital firm, as well as several angel investors from the United States, India and UK.
According to research from app analytics firm App Annie, a record 3.8 trillion hours were spent on apps last year. Today there are more than five million apps available on app stores but the vast majority are financially unviable because of the high cost of customer acquisition and consequent lack of revenue.
Cooee delivers one-to-one personalised in-app and push notifications that help businesses increase revenue and reduce churn. It uses AR, computer vision and machine learning to create unique engagements for every customer in real-time rather than the traditional approach of bucketing different users in finite segments and delivering campaigns on a fixed schedule.
Cooee is a low-code platform built with ease of use in mind, so companies can embed the service within their app in minutes using a simple integration. With every engagement delivered, Cooee continuously learns and improves automatically.
Cooee CEO and founder, Shwetank Tamer, said: “Technology advancements have made it possible to create a website or a mobile app in minutes but there were no solutions that allowed brands to deliver data-driven user engagement with automation.
“We created Cooee with a mission to make data-driven user engagement possible, affordable and effective for eCommerce. In the digital world today, users don’t shop for products, they look for experiences.
“Customers expect personalisation by default but most mobile apps struggle with multiple platforms, skillsets and technology and thus are unable to engage and delight. Just a five per cent increase in retention can add up to an 80 per cent increase in revenue, Cooee makes that happen.”
McKinsey’s 'Next in Personalisation' report states personalisation will be worth up to $3 trillion across all industry verticals. Cooee’s personalisation-as-a-service allows companies big or small to get access to cutting-edge DeepTech at an affordable cost.
Cooee is available on mobile apps, desktop, Woocommerce and Shopify with a roadmap to add Canva, Wix and other popular eCommerce channels. Cooee intends to use the funding for further product development, increase its e-commerce store reach and launch an augmented reality version of the product.
Jeffrey Faustin, chief investment officer at Jenson Funding Partners, said: “The app store is an incredibly crowded market and apps with smaller budgets struggle to stand out in the noisy world of digital ads. Cooee is one of the first companies in this space that I’ve come across to truly put personalisation and affordability at the heart of what they do, and that opens up a huge market for them.
“It’s also an intriguing application of ‘creative automation at scale’ – with the company using technology to scale and automate content creation so that firms can spend less on human designers.
“This is already a fascinating and disruptive trend in the marketing world and I look forward to seeing Cooee at the forefront.”
Cooee is a deep-tech platform that integrates in minutes with your mobile app/web to deliver unique, data-driven and immersive notifications.
The unique approach allows a marketer to be a creative wizard by creating templates/creating their own without the use of any design tool or software and then combine it with machine learning algorithms to deliver one-to-one user engagement.