Maju Kuruvilla, who previously led the one-click checkout company Bolt, has unveiled his latest venture in the e-commerce space. His new startup, Spangle AI, aims to revolutionize how online shoppers interact with product advertisements.
Kuruvilla identified a common frustration in online shopping – clicking on an ad often leads to a disjointed experience where the advertised product is difficult to find. This frequently results in potential customers abandoning their purchase, negatively impacting conversion rates for retailers.
Spangle AI’s solution leverages artificial intelligence to create personalized landing pages based on a shopper’s search queries and ad interactions. The technology, powered by an AI model called ProductGPT, analyzes customer behavior to optimize the shopping experience.
The Seattle-based startup has already secured $6 million in seed funding from investors including Madrona Ventures and Streamlined Ventures. Early testing of Spangle AI’s product has shown promising results, with a reported 51% boost in conversion rates.
Kuruvilla, who spent nearly eight years at Amazon before his tenure at Bolt, expressed his passion for tackling complex e-commerce challenges. “I just love e-commerce and I love solving hard problems,” he stated.
Spangle AI enters a competitive field of AI-powered e-commerce solutions. Other players in this space include Unbounce, which raised nearly $40 million in 2020, and Qeen.AI, which recently secured $10 million in funding.
With its product developed and initial case studies completed, Spangle AI is now shifting its focus towards sales and market expansion.
