Helping retailers use existing data to understand when and why customers choose them instead of rivals, consumer analytics platform Uncrowd has raised £3 million in a new funding round. The new capital is expected to be used to continue the further development of the platform and augment the team size. Prior to this round, the fledgling startup had received just £500,000 in 2018.
Employing a term the company has coined (and also trademarked), Friction/Reward Indexing™ (FRi™) uses AI and ML to provide insights into shopper preference, behaviours, and likelihood to buy, and outputs actionable items that retailers may then in turn used to facilitate the shopping experience, reduce purchasing friction, slash churn, optimise budgets and reduce costs while upping customer acquisition spend and CX budgets in general.
“The traditional customer analytics industry has historically focussed on a two-dimensional understanding of the customer and their motivation, which is great, but there was a real gap in the market that needed to be filled in terms of what is going on elsewhere in the space,” commented co-founder Richard Hammond. “Uncrowd works by looking at the wider picture, using relative attractiveness to measure a retailer’s performance – because that is the key to developing your business. When you know your relative attractiveness versus your competitors, then you have the full 3D picture.”
“In just four years, Uncrowd has managed to achieve recognition from tech giants Microsoft and Silicon Valley’s Plug and Play, the largest early-stage accelerator platform in the world. These are huge achievements for a company so young, which makes this a fantastic opportunity for Arete,” added Arete partner Ben Hatton.