Crossing Minds Brings New Capital to Deliver Recommendations That Don’t Require Identifiable Information – TechCrunch


Most of our media and business worlds involve the little boxes below what we look at that have other shows to watch or items to buy that are either similar or that other people have purchased as well.

Consumers also expect websites to be more personalized, which means websites need to know something about you in order to show you what you want to see.

CEO Alexandre Robicquet, along with a founding team of stars made up of Emile Contal and Google X founder and Stanford professor Sebastian Thrun, launched Crossing Minds and launched in 2018 on TechCrunch’s Disrupt Battlefield as an app. consumer-oriented called Hai, which provided users with entertainment. recommendations like books, music, shows, video games, and restaurants.

Two years later, the company had thousands of active users and a few large organizations as customers, but the recommendations presented a few challenges, which led the company to take a break and switch to business-to-business. .

“Personalization is everywhere, even the next evolution of search will be filtered,” Robicquet told TechCrunch. “It’s not about creating a recommendation engine for a company or an API, but doing something that could scale and serve a group of companies.”

Robicquet says that as many as 60% of consumers are often new to a site, so “cold start” can be a problem. Add in other hurdles, like the deprecation of third-party cookies, stricter privacy laws, and the difficulty of linking present and past web sessions in real time, and there’s almost no way of knowing who is visiting the site. , he added.

Crossing Minds addresses this challenge and has developed a way to deliver recommendations using onsite actions so that customers can more easily discover and interact with businesses, but without the need for personally identifiable information.

The company connects to its customers’ databases and is able to build a model in about two weeks based on key performance indicators. Its SaaS model then charges a fee per referral.

On Monday, Crossing Minds announced $ 10 million in a Series A funding round led by Radical Ventures. Existing investors Index Ventures, Partech and Lerer Hippeau also participated. Robicquet intends to infuse this new capital into its engineering team, its product development and its customers and complete its management team.

Crossing Minds works with a handful of companies, including Penguin Random House, Danone, and Inkbox. He estimates that the company has helped its customers increase their sales by an average of 93% and their click-through rates by 120%.

Tomi Poutanen, co-founder of Radical Ventures, says companies like Inkbox were able to “cross the Rubicon when they partnered with Crossing Minds” and the metrics they see in conversion, repeat sales and success. churn is the engine of the economic formula, he said. .

For example, Inkbox started working with Crossing Minds in February and is already seeing metrics including a 250% increase in email click-through rates, a 348% increase in cart additions and a 68% increase. 6% of on-site conversions for new users. according to Crossing Minds.

“There is something unique about Alexandre, Emil and Sebastian,” Poutanen said. “The foundation of the pedigree and degree of advanced math and technology is not easily found elsewhere. They fully understand the product inventory and how to work with it.

Leave A Reply

Your email address will not be published.