New Investment Opportunity: Convizit
AI-driven digital experience data platform revolutionizing a core capability of an $80B market
- While enterprises spend more than $80B annually on platforms that are fueled by digital experience data, capturing this data using existing tools is a manual process that is tedious, expensive, time-consuming and error-prone
- Proprietary AI-powered technology automatically captures and tags digital user interactions, accelerating time to value from months to hours
- Deployed with first customers in March 2022; receiving interest from some of the biggest companies in the world; forecasting ARR growing from $151.2K at year end (YE) 2022 to $1.6M at YE 2023 and $6.33M at YE 2024
- CEO Daniel Bashari served as an elite IDF Intelligence Corps officer, where she managed the planning and launch of a unique data intelligence tech incubator and led the design and development of several large-scale data intelligence projects. Steven Glanz, Convizit's CRO, was the co-founder and CEO of Crosswise, which was sold to Oracle (NYSE: ORCL) in 2016 in one of OurCrowd's early exits
- $5M Seed extension round led by OurCrowd; current investors Pitango Venture Capital and Jumpspeed Ventures are participating
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Dear Josb,
E-commerce and SaaS applications are driven by software tools that understand and improve the digital experience of customers. Yet, capturing this data is difficult, with the need to manually tag and code the events to track, an approach that is expensive, incomplete and unreliable.
OurCrowd is investing in Convizit, an Israeli company that uses a suite of AI technologies to automatically gather, enrich, structure and deliver user experience data to wherever it is needed. The details in this email are based on information received from, and verified solely by, the company.
The problem
The optimization of e-commerce websites and SaaS applications is heavily data dependent. Enterprises spend more than $80B a year on tools that are fueled by digital-experience data.
However, most analytic tools used to track essential user interactions require the manual insertion of JavaScript event tracking codes for each specific event (user interaction) to be tracked. Until now, event tagging has been a tedious, time-consuming, manual, error-prone process that can take months, involving a cross-company effort: product, marketing, analyst and developer teams. And the process never ends; as websites are updated, tagging also needs to be updated to avoid losing crucial data.
The solution
Convizit revolutionizes the process of collecting user-interaction data by deploying AI to automatically capture and understand each user action on every webpage, automatically enriching, structuring and delivering this vital data to all the platforms that require it, including product and marketing analytics, CDP, BI, A/B testing and more. Unlike other tracking solutions on the market, there is no need to pre-select, code or tag the events that are tracked. The effort required by enterprises is reduced from months to hours, with zero ongoing maintenance required.
The software understands the functional context of each action, attaches relevant properties that allow organizations to fully understand visitors' choices, logically groups elements, and delivers this rich, structured data to third-party systems, fully tagged and ready for immediate use.
Convizit's machine learning understands how consumers see webpages and improves its automatic-tagging abilities over time while automatically adapting to website changes.
Convizit delivers far more comprehensive information than currently available systems. By dispensing with manual tagging, it generates substantial cost savings and is never out of date.
Initial traction
Convizit's promise was recognized early, when it came in first place in Pitango's $1M Trifecta AI startup competition.
The company deployed with its first customers in March 2022, has growing interest from some of the biggest companies in the world, and forecasts ARR of $151.2K at Year End (YE) 2021, increasing to $1.6M at YE 2023, and $6.33M at YE 2024.
The team
CEO Daniel Bashari served as an elite IDF Intelligence Corps officer, where she managed the planning and launch of a unique data intelligence tech incubator and led the design and development of several large-scale data intelligence projects. Steven Glanz, Convizit's CRO, was the co-founder and CEO of Crosswise, one of OurCrowd's early exits, which was sold to Oracle (NYSE: ORCL) in 2016.
The round
This $5M Seed extension round is led by OurCrowd; current investors, including Pitango Venture Capital and Jumpspeed Ventures, are participating.
Meet the CEO
We're hosting a webinar/conference call on Monday, May 9th, at 7PM Israel / 12 noon New York / 9AM San Francisco for investors to meet Daniel Bashari, Co-founder and CEO, and learn more about Convizit.
Can't make the webinar? Register and we will send you a recording of the call.
The Convizit solution
Convizit's product can be deployed very rapidly. All the customer has to do is add Convizit's code snippet to the website, which takes five minutes. Convizit then automatically captures all visitor activity and uses AI models to learn the site.
Usually within hours or days (depending on the site), Convizit starts sending enriched, structured, ready-for-use behavioral data to any tool or platform that requires it.
Convizit's AI automatically updates changes in tags following website changes.
Next steps:
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