Singapore-based Cosmose AI, a global platform that predicts and influences how people shop offline, has received a strategic investment from NEAR Foundation at a US$500 million valuation.
NEAR Foundation is a Swiss non-profit that supports the ongoing growth and development of the Near Protocol, a carbon-neutral blockchain.
With the new investment, Cosmose will innovate within the Web3 ecosystem to create a “seamless” experience for shoppers and increase sales for retailers. By leveraging Web3, Cosmose AI can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.
Through the partnership with NEAR Foundation, Cosmose AI’s products — Cosmose Media and KaiKai — will advance Web3-driven innovations. KaiKai has been leveraging NEAR Protocol by creating its own cryptocurrency utilised for payments, cash-back and rewards: Kai-Ching. Thanks to Kai-Ching, shoppers and retailers benefit from shorter payment processing times and lower fees.
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Founded in 2014, Cosmose AI connects offline and online to create a better experience for shoppers and increase sales for retailers. It gathers insights from smartphones and helps understand offline shopping habits and drives footfall across 20 million venues in Asia.
It also offers AI-driven recommendations to its users, encouraging them to shop in nearby stores saving time, money, and the environment.
The firm works with companies such as LVMH, Richemont, L’Oréal and Estée Lauder.
Cosmose AI has offices in Paris, Warsaw, Singapore, Hong Kong, Shanghai and Tokyo.
Miron Mironiuk, Founder and CEO of Cosmose AI, said: “NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and working with NEAR Foundation, we discovered that our visions for the Web3-driven future are aligned. Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalisation.”
The new funding announcement follows Cosmose AI’s US$15 million Series A fundraise in 2020, led by Tiga Investments, OTB Ventures, and TDJ Pitango. Since then, it expanded its product offerings and geographical footprint, with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia.