Singapore-Based Cosmose AI Adopts Near's Crypto Solution, Company Now Valued at $500 Million
Global platform Cosmose AI has partnered with the Near Foundation, the Swiss non-profit supporting the governance and development of the NEAR protocol, announcing a strategic investment from the foundation and valuing the company at $500 million.
Founded in 2014, Cosmose AI is a company that uses AI analytics to track in-store foot traffic, predict how people shop offline, and engage with shoppers online. By gathering insights from smartphones, it helps understand people's offline shopping habits and "drive footfall across 20 million venues in Asia," said the announcement.
Comose works with major companies, such as LVMH, Richemont, L’Oréal, and Estée Lauder. "It also offers AI-driven recommendations to its users encouraging them to shop in nearby stores saving time, money, and the environment," it added.
The amount invested in Cosmose was not disclosed but it raised the company's valuation to $500 million, up from $100 million when it closed its $15 million Series A in 2020, which was led by Tiga Investments, OTB Ventures, and TDJ Pitango.
The company said that,
"With this new investment, Cosmose is set to apply Web3 principles and further advance the AI-driven retail ecosystem. [...] Cosmose will continue to innovate within the Web3 ecosystem to create seamless experience for shoppers and increase sales for retailers."
The partners are building a payment system that allows users to shop with crypto at low transaction fees, thus saving money for buyers and sellers alike, TechCrunch reported.
"I'm not sure if you know how expensive and slow it is to process online payments. It’s absolutely crazy," Miron Mironiuk, Founder and CEO of Cosmose AI, told the news outlet. It includes additional fees paid by the customer and charged
Read more on cryptonews.com
