Ocurate, a San Francisco, CA-based startup using artificial intelligence to predict customer lifetime value for e-commerce businesses, raised $3.5 million in an oversubscribed seed round.
Backers in the round include 8-Bit Capital, DCF Capital, Data Community Fund, AIX Ventures, Italmobiliare, Streamlined Ventures, and some individual strategic angel investors like Adam Metzger and Mazen Al-Jubeir.
The new funding will enable Ocurate to get its product out to the public in 2022, double its team from seven employees to 14, and further invest in integrations, data science, and machine learning capabilities.
Company: Ocurate
Raised: $3.5M
Round: Seed Round
Funding Month: December 2021
Lead Investors:
Additional Investors: 8-Bit Capital, DCF Capital, Data Community Fund, AIX Ventures, Italmobiliare, Streamlined Ventures, Adam Metzger and Mazen Al-Jubeir
Company Website: https://www.ocurate.com/
Software Category: Predicting customer LTV
About the Company: Founded in 2020 by Tobi Konitzer, founder and CEO, Ocurate is a startup using artificial intelligence to predict customer lifetime value for e-commerce businesses. Ocurate is on a mission to make predicted Customer Lifetime Value the organizing principle of B2C, using better data and a new class of AI. Ocurate provides brands with actionable LTV predictions to accelerate profitable growth. Predicting customer LTV at the individual level informs marketing investments, forecasting, and general business health. Current LTV prediction models are 60-70% accurate - not good enough to confidently take action. Ocurate’s database started with voter rolls and now has collected data from more than 300,000 Americans, It also pulls data in from clients; for example, if you are a Netflix subscriber, the data might include login data, telemetry data, and what was purchased in the past. Though established five months ago, Ocurate is already working with four clients with dozens in the pipeline and has brought in over $400,000 in annual recurring revenue since launch.
Source: https://techcrunch.com/2021/12/22/ocurate-raises-3-5m-to-show-customer-lifetime-value-for-b2c-companies/