Convizit, a startup applying unique AI technologies to disrupt the product analytics market, announced the closing of a $5M seed round. The round was led by Pitango Venture Capital, with the participation of earlier investor, Jumpspeed Ventures. The funds will be used to double the size of the team, accelerate product research and development, and launch sales and marketing activities.
Convizit addresses one of the biggest challenges faced by online product and marketing teams: gaining complete and accurate visibility into user behavior patterns. This visibility is crucial for discovering ways to reduce friction, increase user engagement and maximize conversion rates. The importance of understanding user behavior patterns is evident in the size of this market: the product analytics market is projected to grow in size from $6.9 billion in 2019 to $13.9 billion by 2024 (source).
Existing product analytics solutions provide only a very partial understanding of funnels and user flows. This limitation stems from two facts: Firstly, they consider only a small fraction of all user behavior data, due to the impossible task of manually selecting, tagging and maintaining event tracking for every user action. Secondly, they require users to continuously make assumptions and test theories in order to discover why customers are behaving the way they are (e.g., what is the root cause of the 60% drop-off rate between users clicking add-to-cart and checking out for products in the swimwear department?). For these reasons, companies are flying nearly blind in their efforts to improve the business performance of their websites and apps.
Convizit provides unparalleled visibility into user journey patterns, with no need to first figure out what questions to ask or what directions to investigate. The company’s unique AI technologies ensure that every user action on every page is captured, named and enriched with an unprecedented degree of structured context detail, automatically. Having on-screen context details (e.g., “free one-day delivery” or “size M not available”) associated with each user action is critical for achieving a true understanding of user decisions and behaviors. With Convizit, product teams never need to pre-select, code, name or tag events to track, no matter how often a website changes.
The company’s first offering, already in use by a number of large e-retailers, is a DaaS solution that effortlessly delivers complete behavioral data. This pre-tagged, context-rich data is ready for immediate use by data-driven enterprises to significantly improve the value of their existing systems, such as analytics, BI, A/B testing, marketing automation and personalization. This unique data also enables data scientists to achieve a never-before-available depth of funnel analysis, friction point identification, correlation/anomaly detection, user journey visualization and insight generation.
“Convizit’s terrific team is truly revolutionizing how user behavior data is collected, structured and analyzed,” said Gad Huldai, Partner at Pitango’s Early Stage fund, who has joined Convizit’s board of directors. “We have been extremely impressed to see how quickly and effectively the team has progressed since we first met them at our TRIFECTA AI startup competition last year, in terms of both technology and business.”
“We are very pleased to have Pitango participating in our mission to disrupt one of the oldest and largest Internet arenas,” said Daniel Bashari, Convizit’s CEO and Co-founder. “Gad Huldai and the rest of Pitango’s excellent early-stage team have already proven to be extremely valuable partners, and we look forward to a long and rewarding relationship working with them and with our initial investor, Ben Wiener of Jumpspeed Ventures.”