- 1 The AI-based company joins NEAR Protocol looking for payment solutions and Web3 capabilities.
- 2 Recent funding made Cosmose AI forward on its way to be a unicorn.
Cosmose AI recently received funding, significant enough to push the company’s value to half a Billion USD. The funding reportedly came from Near Foundation, the non-profit organization behind one of the popular Ethereum rival networks, NEAR Protocol (NEAR). In addition, the AI analytics company also shared the insight about the partnership with Near for the development of crypto payment settlements network.
In a press release published on Monday, April 24, Cosmose noted the newly raised investment from the Web3 focused organization will be allocated towards the development of instruments to predict and influence the customers shopping experience combining artificial intelligence (AI) and Web3 capabilities.
The Singapore-based company founded in 2014, helps shoppers to track the in-store footfall and increase the online presence through its AI analytics tools. Following the partnership with Near, now the duo is on to creating a payment system that will allow users to make purchases by paying in crypto.
Cosmose received about 15 Million USD in a Tiga Investments led Series A funding round in August 2020. The funding made the company reach a valuation of 100 Million USD. Now with the recent funding of an undisclosed amount from the “leader in Web3 technology,” NEAR Foundation, elevates the overall valuation to a whopping 500 Million USD, according to the press release.
Founder and CEO of Cosmose AI, Miron Mironiuk said,
“Together, NEAR and Cosmose AI will build a future where more than 1 billion users can benefit from the ecosystem they are part of, remain in full control of their data and have a superior shopping experience thanks to AI-driven personalisation.”
Near Foundation CEO, Marieke Flament, said,
“We are excited to be supporting Cosmose…. The company already boasts a strong user base – and with superior AI-driven personalisation that number will continue to grow – as new and existing customers will be seamlessly transitioned into the world of Web3 and the exciting opportunities it brings.”
The company has multiple retail solutions including KaiKai app and online targeting platform. Both the online platform and app, which makes it easier for users to find retail stores in their neighborhood, are said to have a blockchain–related revamp after the recent collaboration.
Mironiuk, while sharing the advantage of crypto payments over traditional payment solutions in an interview citing an example of a 5 USD coffee cup, said that Strip and Paypal like payment companies charge more than 10% for such small transactions. This results in bolstering the price at the seller’s end, which eventually recovered from the customers, making them pay an additional 6% to 10%.
The customer, this way, ends up an additional 200 USD due to the payment settlement intermediaries having to make their cuts.
With the blockchain based crypto payments, such issues would not be a matter as it brings faster transaction speed in addition to lessening the transaction fees, making it a better option over the traditional payment solutions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.