Helsinki-based AI-powered shopping helper Upsy has raised 1.2 million euros in seed round led by Gorilla Capital. The round also saw participation from Korpun Siemen, Oulu-based Sijoittaja Pro‘s investor group, several private investors, and Business Finland. The funding will pave the way for its expansion on a global base and feed the development of its product and AI alongside neural network capabilities. The company is targeting to be the global market leader when it comes to SME-focused shopping assistance.
The company’s software brings the human touch to e-commerce, offering users a real-like shopping experience. With the help of sophisticated AI, it reads their online behaviours and guides them by providing the necessary information and recommendations about the product they are looking for.
Upsy Shopping Helper raised € 1.2M in seed funding
Upsy Company, founded in 2021 has received € 1.2M in seed funding to further develop its product and strengthen its competitiveness. The seed funding round was led by Gorilla Capital, followed by Korpun Siemen, Sijoittaja Pro’s investor group, a number of private investors, and Business Finland.
Upsy Shopping Helper is a SaaS-based software for digital retailers that helps people find the product they need and make a purchase decision. Based on Machine Learning (ML) and Natural Language Processing Systems (NLP), Upsy communicates with the customer like a human. Upsy is already in use in several online stores.
The capital raised will be used for further product development, the opening of new international markets and the further development of the product’s artificial intelligence and neural network capabilities.
Upsy aims to be the global market leader in the shopping assistant category, focusing on the SME segment. The target group consists of millions of potential webshops who all have the same problem.
Tightened global competition, the dominance of big players like Amazon, and rising customer acquisition costs are significant challenges for online stores. The most significant challenge for smaller online stores is turning the visitors into buyers – the obstacle to buying is often finding the right product and product information or the fact that the customer is not getting answers to their questions.
“Upsy has developed a necessary and cost-effective sales assistant for small online stores. When you combine the team’s extensive experience in e-commerce and our shared views on the company’s development, it’s great to join the company’s growth story!” says Matias Itkonen, Investor Pro .
Largest players, like Amazon have resources to invest in human operated customer service, and customized artificial intelligence solutions that can ensure a customer’s conversion into a buyer. Until now, this luxury was not available for small and medium-sized online stores due to the cost and complexity of the solutions.
Upsy gives these retailers the opportunity to take advantage of the latest technology with their cost-effective, easy-to-integrate product.
“Upsy improves webshops conversion and boosts average purchase. Upsy acts like a human salesperson, making e-commerce visitors into buyers. It helps a customer to find the right product, offers options, recommends additional purchases, and answers the most common questions. It works fully automatically and requires no teaching or holding hands.” says Juha Sulkakoski, CEO.
Upsy Company as a company Upsy Company Oy is an ecommerce startup that focuses on making webshop visitors into buyers. The company headquarters is in Helsinki, Finland. Upsy was founded in 2021 and it currently has 8 employees in Vallila, Helsinki and Bangladesh.
Its customers include Kaalimato, Suojakalvotukku, Fotonordic and a large number of other SME online stores.