Spangle Raises $15M to Revolutionize Retail Commerce with AI-Powered Personalization
AI
E-commerce
Startups
Funding
Retail
Technology
Artificial Intelligence
Commerce
9
Adaptive Commerce
Media Hype
8/10
Real Impact
9/10
What is the Viqus Verdict?
We evaluate each news story based on its real impact versus its media hype to offer a clear and objective perspective.
AI Analysis:
While AI-powered personalization is gaining traction, Spangle’s early success, combined with the significant funding, suggests genuine market demand and a solid technology foundation – exceeding initial hype.
Article Summary
Spangle, a Seattle-based AI e-commerce startup, has raised $15 million in a new funding round, valuing the company at $100 million. Led by NewRoad Capital Partners, this Series A investment builds on a previous $6 million seed round. The startup’s core technology, ProductGPT, dynamically adjusts retail website experiences in real-time, using data like shopper location, search queries, and past behavior to surface highly relevant product recommendations. This approach addresses the growing influence of AI-powered discovery tools and social platforms on consumer buying decisions. Founded by Maju Kuruvilla (formerly of Bolt) and Fei Wang (a former Amazon engineer), Spangle is targeting retailers struggling to adapt to this changing landscape. Early signs are promising, with nine enterprise customers including Revolve, Alexander Wang, and Steve Madden seeing significant improvements in key metrics – including a 50% increase in revenue per visit and a doubling of return on ad spend. The company's approach, centered around a shift from static product pages to dynamic AI-driven experiences, aligns with the broader trend of using AI to personalize the shopping journey. With this funding, Spangle plans to expand its engineering and sales teams, further developing its core AI technology.Key Points
- Spangle secured $15 million in Series A funding, led by NewRoad Capital Partners.
- The company’s core technology, ProductGPT, uses AI to personalize retail website experiences in real-time based on shopper behavior.
- Early adopters like Revolve and Alexander Wang are witnessing a 50% increase in revenue per visit and a doubling of return on ad spend.