Just a few months after its founding, the Munich-based software startup Neocom – Neo Commerce GmbH – has received €650,000 in funding. With its AI-supported add-on for online retailers, the startup makes it easier to find the right products when shopping in online stores. Several online stores already rely on the 'Guided Selling Solution'. This also convinced the investors. The investors include various business angels with expertise in e-commerce and software-as-a-service. Ralf Fischer, Caesar Business Angels, and Rolf Adam, among others, have invested. The contacts were arranged by Investor network Baystartup.
To make it easier for customers to compare and find the right products, and to save retailers the cost of returns and customer service caused by customers' incorrect purchases, Neocom has developed its add-on for online shops. The core of the product is algorithm-driven product advice. It allows shoppers to have a personalized consultation, just like with a real salesperson.
Investors contribute with industry expertise
Sebastian Slomski, Co-founder of Neocom, says:
“With our team, we have built the foundation of our AI-supported technology within a very short time, convinced our first customers, and gained a really good group of investors with experience and industry knowledge.”
And co-founder Dana Nedamaldeen added:
"With our investors, we have not only secured fresh capital with which we will further develop our technology and bring additional categories to market with expert knowledge. Above all, we have brought recognized industry experts on board."
The founders want to use the experience of the business angels to accelerate the company's growth. Investor Gregor Unger, Partner at Caesar Business Angels, explains:
"Neocom is the kind of startup we want. A competent founding team with complementary skills and a great solution to a previously unsolved problem."
Unger is certain that the startup will permanently change the way we shop online.
Neocom covers two innovative areas of e-commerce
Investor too Florian Lüft is convinced:
"Neocom demonstrates that two topics that are already relevant in e-commerce today can be combined into a truly innovative approach—recommendations and conversational guided selling. For me, the solution is a clear answer to how to easily and automatically integrate the best physical salesperson you imagine into your digital channels."
The Neocom add-on asks relevant questions to provide consumers with targeted product suggestions. The system calculates how well each product matches their individual needs. Online shops can integrate the add-on quickly, easily, and effortlessly.
