Cosmose AI, which provides AI-driven analytics to retailers on consumers’ offline shopping habits, has sealed a strategic investment round from NEAR Foundation, the nonprofit organisation behind its homonymic blockchain network, the firm announced on Monday.
Although Cosmose AI did not divulge the investment details, the firm saw its valuation reach $500 million after NEAR’s investment — $400 million more than the valuation it achieved when the firm completed its $15-million Series A investment round in September 2020.
As part of the strategic investment, two of Cosmose AI’s products will leverage NEAR Protocol, a layer-1 blockchain network that brings energy-efficient solutions for data storage and management.
KaiKai, the mobile shopping platform of Cosmose AI, for example, will use NEAR Protocol through the creation of its own cryptocurrency utilised for payments, cashback, and rewards, while shoppers and retailers can use the crypto to shorten payment processing time and lower the transaction fees.
Founded in 2014, Cosmose AI also helps retailers connect with their offline consumers via online ads, counting notable firms including LVMH, Richemont, L’Oréal, and Estée Lauder as customers. It claims to have offices across Paris, Warsaw, Hong Kong, Shanghai, Singapore, and Tokyo.
Some of its previous backers include Tiga Investments, OTB Ventures, and TDJ Pitango Ventures, among others.