Nosto completes a $7.4M investment round led by Tesi, Open Ocean and Idinvest.
Nosto, a Helsinki, Finland-based provider software retail solutions for ecommerce personalization and artificial intelligence (AI) tools, announced the closing of a new round of funding totaling USD $7.4M.
The new funds will be used towards investments in Nosto’s machine learning core, omni-channel personalization and continued international expansion.
Nosto, founded in 2011 by Antti Pöyhönen, Jani Luostarinen and Juha Valvanne and led by CEO Jim Löfgren, provides retail personalization solutions, as it developed an end-to-end personalization platform, with deep customer insights that drive real-time personalized shopping experiences across multiple devices. Nosto is yet to be profitable, at a revenue number of a bit higher than SEK 100M ($11.2M) for 2017, compared to SEK 67M in 2016.
To date, Nosto has raised more than $25 million from investors to further expand its leadership in artificial intelligence and deep learning for retail.