This round brings Constructor's total funding to $60.3M. Here are the top-line bullets you need to know.
Constructor, an AI-powered e-commerce personalization engine, has raised $55M in a Series A. This round drew participation from Silversmith Capital Partners and Cap Table Coalition, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Constructor offers an AI-powered personalization platform, equipped with tools including search, browse, autosuggest, and recommendations. Its tools collect data and learn from queries and user behavior in order to optimize the e-commerce experience for customers in real time.
- The company experienced 233% year-over-year revenue growth.
- Constructor’s customers include Target, Sephora, American Eagle, Kmart Australia, and Backcountry, among others.
WHY DOES THE MARKET MATTER?
- The global personalization software market is projected to grow at a CAGR of 23.5% to reach a value of $2.2B by 2026, according to 360i Research.
- Accelerated digitalization, a growing focus on personalization to retain and gain customers, and increasing competition have contributed to market growth.
- AI-driven personalization is attracting many key players and investments. For example, Amazon launched Personalize, an AI-powered recommendations service provider, and Google added AI-driven app personalization to Firebase — its app development platform.