Portfolio: Klevu Raises $12 Million for Global Expansion, Semantic Lab

Klevu, a self-learning AI search engine for e-commerce, announced that it secured Series A funding of $12 million.

The money was raised from investors led by Alfvén & Didrikson and included contributions from Evli Growth Partners and other existing shareholders such as Revalence Ventures.

The funding will further accelerate Klevu’s global expansion and product innovation capabilities and help build a Global Semantic Lab for next-generation innovations in online retail. 

Founded by Dr. Nilay Oza and Dr. Niraj Aswani in Helsinki, Klevu has developed an advanced discovery engine for online retailers helping clients to increase conversions, drive sales and improve shopping experience.

“With this investment we are well positioned towards our mission of democratising discovery in online retail,” said CEO Nilay Oza. “We will further invest into strengthening our leadership in ML/NLP led innovations for online retail.”

The company works with retail customers providing them access to a platform agnostic personalisation discovery suite that is easy to integrate, optimise and maintain. The platform is in use by more than 3,000 online stores globally, including Marimekko, Puma and Yamaha.

“We are thrilled to be able to support Klevu and look forward to the next steps in their global growth journey,” said Tiyam Afshari, partner at Alfvén & Didrikson in Stockholm. “We are truly impressed with the team and by the strength in the product offering.”

Klevu has 70 employees distributed in the UK, USA, India, Finland and Sweden.