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March 21, 2014

Wheelings & Dealings: Cobrain Raises $3M in Seed Funding

Cobrain, a specialist in the creation of a cross-merchant personalization engine, recently announced that the company has successfully raised $3 million in seed funding to enhance its offering. Rob McGovern, founder and former CEO of CareerBuilder.com will be leading the software development team. Cobrain has an inventory of over 300 leading apparel merchants and has partnered with industry-leading retailers including Macy's, Nordstrom, GAP and Under Armour among others.

McGovern said, "Today's consumer has come to expect true personalization, instead of recommendations based on sparse data, such as clicks. Cobrain supersedes previous recommendation engines designed for a single merchant environment, delivering personalization to the consumer across hundreds of merchants and brands. Additionally, our massively scalable cloud-based service provides a solution to merchants who typically have data sparsity problems that would have been impossible to solve even 24 months ago, given their dependence on the rapidly evolving big data ecosystem." 

Cobrain is the first company to create personalized recommendations based on data collected from users’ e-mail receipts, in-store purchases and questionnaires to determine the items customers’ are most likely to purchase. Users are then organized into groups of people sharing similar tastes.

Cobrain’s artificial intelligence uses billions of calculations to discern products preferred by their anonymous customers and safely deliver the selected items directly to the consumer, enabling the customers to make better online shopping choices.

Cobrain's Collaborative Intelligence Algorithm is based on graph database technology which utilizes cross-merchant data to compute distance vectors between people to create next-generation personalization. User information is protected by anonymizing it and encrypting it with a tried and true algorithm. The offering is free to use and acts an intelligent layer between customers and merchants as users can make purchases directly from merchants.

With increased usage, Cobrain will become smarter and more intuitive.




Edited by Stefania Viscusi
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