Karma founders Ronen Yuval – Hoch (left) and Jonathan Friedman. Photo Gil Hayun
Karma, an Israeli startup that offers a browser-based artificial intelligence AI shopping assistant and shopping network, closed a $25 million Series-A funding round led by Target Global followed by MoreTech Ventures, with participation from existing investors including NFX and Altair Capital.
Karma, which boasts that it created a “whole new way to shop smarter for millions around the world,” will use the funding to grow its team, double down on AI, machine learning and predictive analytics, scale its user base, and expand into adjacent market opportunities.
Everyone has the same problems with shopping online. You are constantly barraged with ads and links for things that you probably aren’t really interested in. Thus is because everyone uses Google for their ad placements, and Google’s algorithms tell it to send a person ads based on their search histories. This is supposed to “tailor” ads to your personal preferences. But this is not always the case.
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And then there is the problem with the web searches themselves. When you want to find something online, something both of quality and affordable, it isn’t always so easy. The same ads and results keep on coming up and the quality bargains are not always revealed to the consumer.
This is where Karma cones in to the picture.
Karma’s AI shopping tool powers an automated smart shopping experience on users’ laptops or smartphones to save them time and money. Following a simple download, users start their online shopping journey. Karma incorporates real-time, dynamic merchandise data and alerts users to the lowest available price point. It also automatically integrates and applies valid discount offers, coupons and cash-back rebates from its 20K+ retail partners.
“This funding round will help us continue to enhance our core AI shopping assistant using machine learning to deliver smarter capabilities to our users and extend our “best price guarantee” on many more e-commerce sites,” said Jonathan Friedman, co-founder, and chief executive officer, Karma. “Behind the scenes, we are building the most extensive digital shopping network in the world. This will allow us to capitalize on opportunities in markets adjacent to the online shopping experience.”
