Predict your next investment

Venture Capital
innosparkventures.com

See what CB Insights has to offer

Investments

10

Funds

1

About Innospark Ventures

Innospark Ventures is a Boston-based early-stage venture capital firm, investing in the AI-driven economy.

Innospark Ventures Headquarter Location

Boston, Massachusetts, 02116,

United States

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Innospark Ventures News

Adeptmind raises $7.5 million CAD to bridge gap between e-commerce and physical retail

Jun 3, 2021

Toronto-based retail software startup Adeptmind , which leverages artificial intelligence (AI) to improve online search for retailers, has secured around $7.5 million CAD ($6.2 million USD) in Series A financing to accelerate its go-to-market strategy and “double down” on its research and development (R&D) efforts. The equity funding round was led by Boston’s Innospark Ventures, and also involved support from London’s A/O PropTech and Pi Labs, and Illinois-based beauty retailer client Ulta Beauty. “Our ability to mine customer intent data is what’s so valuable.” -G Wu, co-founder and CEO of Adeptmind COVID-19 accelerated the need for e-commerce and brick-and-mortar retailers alike to focus on digitization. Fresh funding in hand, Adeptmind views itself as positioned to play an important role in the future of retail by bridging the gap between physical and digital commerce through the improvement of online product discovery. “How can we bring an offline, human-life search experience that you had before, online?” said G Wu, Adeptmind’s co-founder and CEO, in an interview. “Because of COVID, people were forced to be crafty about experiences such as these.” Adeptmind was founded by Wu and CTO Jing He in 2016, and first launched in 2017. Wu and He were part of the team behind Montréal-based AI startup Maluuba, which was acquired by Microsoft in 2017. According to Wu, Maluuba is “where a lot of [Adeptmind’s] genetics come from.” The startup has developed a human and AI-powered software solution that aims to zero in on what customers are actually trying to search for online. Ademptmind’s tech analyzes and derives topics (or keywords) from sources that include customer reviews and articles about particular products. Adeptmind plans to use the fresh capital to reach new customers and develop new online tools based on customer intent analysis, as it looks to drive innovation for what it describes as ”the underserved” physical shopping experience. The company aims to leverage this financing to serve more retailers and shopping centres in North America and across the world, including in Asia, the Middle East, and South America. The Toronto retail tech startup’s previous funding includes approximately $5.4 million CAD ( $4.5 million USD ) in seed financing from Fidelity Investments in early 2017. Today, Adeptmind serves more than 400 retailers, shopping centres, and small to medium-sized businesses in North America and Europe. The company focuses, in particular, on two types of customers: large retailers and physical shopping centres. Its current clients include Bayer Properties, Cadillac Fairview, Centennial REIT, Decathlon, Hammerson, US Polo Association, and Ulta Beauty. According to Adeptmind, the startup’s human-machine hybrid model “allows for very high accuracy and quick data bootstrapping.” The firm claims its architecture makes Adeptmind “one of the first companies to deploy deep active learning in a consumer-facing use case.” “Our ability to mine customer intent data is what’s so valuable,” said Wu. The startup’s investors agree. “In our AI-driven world, the power of digital search is built on context and access to data,” said Howard Bornstein, principal at Innospark Ventures. “Adeptmind is able to provide deep, rich, customer insights that are helping to shape the way people shop.” “We spent a long time [over] the past few years gathering catalogues of over 6,000 brands and retailers, and because of this, we are allowing shopping centers to digitize,” said Wu. Adeptmind’s team. The CEO said COVID-19 exacerbated retailers’ need to digitize. Pre-pandemic, said Wu, more than half of purchases began with an online search. Post-COVID, Wu anticipates that the importance of the relationship between online and in-person shopping will increase for retailers. Wu argued that what differentiates Adeptmind from others in the retail tech market is its view of digitization and physical retail as complimentary. The CEO claimed investors were attracted to the startup because it serves e-commerce sellers and brick-and-mortar retailers alike. “The timing was right for us [to raise capital] because we’re getting a lot of traction from the market,” said Wu. “Before this, we were actually cash-flow positive, but it got to a point where we couldn’t actually serve new customers anymore. We raised this money so we can serve new customers in the market.” Adeptmind currently employs 30 people, and plans to add about 10 more by the end of the year. Wu said the funding gives the startup about three years of runway if Adeptmind doubles the size of its team. According to Wu, there are “a lot of new ways” to do digital product discovery, and the startup hopes to explore them. “What Adeptmind wants to do is to get a critical mass of two or three key big brand retailers to actually [explore] some of these new paradigms, like AI-guided reviews, or guided discovery,” said the CEO. Wu said this would allow Adeptmind to demonstrate that digital product discovery can be more than just a search bar and a four-by-six grid of products with filters on the left.

Innospark Ventures Investments

10 Investments

Innospark Ventures has made 10 investments. Their latest investment was in Adeptmind as part of their Series A on June 6, 2021.

CBI Logo

Innospark Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/3/2021

Series A

Adeptmind

$6.2M

Yes

A/O Proptech, Pi Labs, and Ulta Beauty

2

4/13/2021

Seed VC - II

Deeplite

$6M

Yes

Ajay Shah, BDC Capital, Desjardins Capital, Differential Ventures, PJC, and Somel Investments

5

12/17/2020

Seed VC

Perigee

$1.5M

Yes

BBG Ventures, Contour Venture Partners, Outsiders Fund, Undisclosed Investors, and Westport Capital Partners

1

9/30/2020

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

2/26/2020

Series A

Subscribe to see more

$99M

Subscribe to see more

10

Date

6/3/2021

4/13/2021

12/17/2020

9/30/2020

2/26/2020

Round

Series A

Seed VC - II

Seed VC

Seed VC

Series A

Company

Adeptmind

Deeplite

Perigee

Subscribe to see more

Subscribe to see more

Amount

$6.2M

$6M

$1.5M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

A/O Proptech, Pi Labs, and Ulta Beauty

Ajay Shah, BDC Capital, Desjardins Capital, Differential Ventures, PJC, and Somel Investments

BBG Ventures, Contour Venture Partners, Outsiders Fund, Undisclosed Investors, and Westport Capital Partners

Sources

2

5

1

10

10

Innospark Ventures Fund History

1 Fund History

Innospark Ventures has 1 fund, including Innospark Ventures Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

Innospark Ventures Fund

$100M

1

Closing Date

Fund

Innospark Ventures Fund

Fund Type

Status

Amount

$100M

Sources

1

Innospark Ventures Team

1 Team Member

Innospark Ventures has 1 team member, including current Managing Director, Venkat Srinivasan.

Name

Work History

Title

Status

Venkat Srinivasan

Managing Director

Current

Name

Venkat Srinivasan

Work History

Title

Managing Director

Status

Current

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.