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UCL spinout Nozzle.ai raises £2 million
27 November 2020
The funding will support Nozzle.ai’s work using artificial intelligence (AI) to maximise and simplify the selling experience on Amazon.
Nozzle.ai is a UCL spinout, supported by UCL Business (UCLB), the commercialisation arm of UCL Innovation & Enterprise. It’s based on the expertise of academics in the UCL Computer Science Department.
The company raised £2 million funding from the UCL Technology Fund (UCLTF), Parkwalk Advisors and The Angel CoFund (ACF), and a syndicate of eCommerce-expert angel investors. UCLTF is managed by AlbionVC in collaboration with UCLB.
Based in London, Nozzle.ai is an ecommerce and advertising optimisation platform for Amazon. Nozzle.ai combines machine learning experts with experienced Amazon specialists and business leaders.
Using data to understand customers better
Nozzle.ai helps Amazon sellers gain a deeper understanding of their customer by developing retail analytics to optimise sales and advertising. It automates and maximises a seller’s advertising to simplify the selling experience and save time.
Nozzle.ai’s audit, analytics, and activation products are in commercial use with more than 100 customers. These include major multi-national brands and leading agencies such as Omnicom Media Group and Interpublic Group agencies - Reprise and J3.
Victor Malachard, Nozzle.ai Co-Founder and Executive Chairman, said: “This funding will help us reach new retailers and further support our existing clients in addressing the challenges and opportunities of selling and advertising in a competitive and fast-growing marketplace. The application of machine learning, and the fusion of transactional data with media data, brings brands a huge advantage in the Amazon environment, extracting maximum commercial value and sales performance. Our platform is at the forefront of unlocking this potential for international retailers.”
The funding will be put towards expanding the team across all business functions and the further development of Nozzle.ai’s product offering.
David Grimm, Investment Director at UCLTF, said: “Nozzle.ai have used their deep understanding of data engineering and machine learning to wring incredible insight out of disparate datasets. We’ve been highly impressed with the value this is creating for their customers, especially during the COVID-19 pandemic when Nozzle.ai algorithms helped clients identify and respond to the rapidly changing consumer behaviours. We’re delighted to continue supporting them as they enter the next stage of growth.”
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Photo by Alejandro Walter Salinas Lopez © 2021 UCL Creative Media Services.