Cobrain Secures $3M in Seed Funding to Develop First-Ever Cross-Merchant Personalization Engine
Rob McGovern, Founder of CareerBuilder.com, leads startup focused on providing revolutionary personalization to help consumers truly "love what they buy"
BETHESDA, Md., March 18, 2014-- Cobrain, the first-ever cross-merchant personalization engine, announced today that it has raised $3 million in seed funding from multiple angel investors and individuals. With the funding, Cobrain will continue to advance its personalization engine with a veteran software development team led by founder and former CEO of CareerBuilder.com, Rob McGovern.
While recommendation engines are common on most large retail sites, they are traditionally based on incomplete data and inventory limited to the single merchant. There has yet to be a technology that is able to create personalized recommendations based on purchase history from multiple merchants and securely deliver these selected items directly to the consumer – until now.
Built upon graph database technology, Cobrain's "Collaborative Intelligence Algorithm" uses cross-merchant data to compute distance vectors between people. This proprietary algorithm results in next-generation personalization based on user commonality with others, versus clicks and limited purchase information. By leveraging the collaborative intelligence of its members – a new form of crowd-sourced knowledge – the personalization engine becomes increasingly smarter through usage, demonstrating the emerging expert adaptive field of data science. Cobrain's free service delivers personalized items (or "Craves") to users via its website and mobile application, available in the Android and iOS app stores.
"Today's consumer has come to expect true personalization, instead of recommendations based on sparse data, such as clicks," said founder and CEO, Rob McGovern. "Cobrain supersedes previous recommendation engines designed for a single merchant environment, delivering personalization to the consumer across hundreds of merchants and brands. Additionally, our massively scalable cloud-based service provides a solution to merchants who typically have data sparsity problems that would have been impossible to solve even 24 months ago, given their dependence on the rapidly evolving big data ecosystem."
McGovern, a co-investor in the round, is an experienced entrepreneur who took CareerBuilder.com public in a successful IPO and eventually sold the company for $450 million.
For more information on Cobrain, please visit www.Cobrain.com.
Based in Bethesda, Maryland, Cobrain is the first-ever cross-merchant personalization engine to curate the inventory of more than 300 leading retailers. Using graph database technology and its proprietary "Collaborative Intelligence Algorithm," Cobrain personalizes each user's shopping experience identifying others who have similar purchase histories and finding areas of overlap. The result is next-generation personalization that is based on commonality versus clicks and limited purchase data. To date, Cobrain has partnered with industry-leading retailers including Macy's, Nordstrom, GAP, and Under Armour, among many others. For more information, please visit www.Cobrain.com.
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