Evolv AI Raises $13.3M to Fuel Enhanced Generative AI Capabilities

All of the generative AI features launched this summer are now available to Evolv AI customers who value experimentation and testing as integral to building exceptional digital experiences

SAN FRANCISCO, Nov. 9, 2023 /PRNewswire/ -- Evolv AI, the maker of the world's leading intelligent digital experience optimization and personalization platform, today announced the closing and conversion of their previously issued convertible notes and a new equity round, for a total of $13.3 million in new funding. Led by Horizons Ventures, the round brings their total funding to date to $23.3M. New and existing investors like Horizons Ventures, NJF Capital, Engage VC, Major Group Asia, and others participated in the round.

In addition, Kerry Liu from Horizons Ventures will join Evolv AI's board of directors and Kathryn Murphy, SVP of product and design at Twilio, has joined the company as an advisor.

"This new investment will allow Evolv AI to grow its go-to-market capabilities, reach more customers, and accelerate the development of the company's groundbreaking AI platform," said Michael Scharff, co-founder of Evolv AI. "This news comes after Evolv AI added market-leading generative AI capabilities to its product, allowing customers to use the power of AI all within one platform."

Evolv AI is the first AI-led experience optimization platform that recommends, builds, deploys and optimizes customer experiences that impact customer behavior, and drives business outcomes. Brands like Verizon, Lululemon, and DirectTV have partnered with Evolv AI to support their AI initiatives. On average, they see six- to nine-figure revenue growth annually.

"Evolv AI reduces the cost and risk of running ill-performing A/B testing by instead offering a solution that continually refines our digital experiences with real-time insights," said Jason Vickers, director of technology and product management at Tea Collection. "The results have been incredible. Not only has Evolv AI's unique testing capabilities enabled us to experiment at a scale and scope that was previously unimaginable, but we're also seeing steady incremental growth and elevating customer satisfaction to new heights."

"By leveraging Evolv AI's Continuous Optimization technology, we've achieved remarkable outcomes across our streaming service," says Andre Silva, CTO at Curiosity Stream. "We've run roughly 1,500 experiments with Evolv AI, which has yielded millions of dollars in incremental growth. It's truly a testament to the power of data-driven experimentation in the digital realm."

All of the generative AI features launched this summer are now available to Evolv AI customers who value experimentation and testing as integral to building exceptional digital experiences and seek to capitalize on the massive opportunity that AI provides.

"Including generative AI in our product offerings empowers teams to automate the design thinking process and create a fully automated experimentation process. By prioritizing user needs, embracing innovation, and iteratively improving the customer experience, businesses can create online platforms that genuinely resonate with their audience and drive sustainable growth," said Tyler Foster, president and chief technology officer of Evolv AI.

About Evolv AI
Evolv Al powers intelligent experiences that enable organizations to learn from every session to improve conversions continuously. Digital leaders rely on Evolv AI to define their experimentation strategy, generate a constant source of new ideas to explore, and leverage our proprietary AI to progressively improve digital optimization to find the best customer journey. Utilizing a proprietary machine learning engine and client visitor data, Evolv AI delivers digital growth goals at a high velocity for companies such as AS Watson, Curiosity Stream, DIRECTV, and Verizon. Learn more at evolv.ai.

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SOURCE Evolv AI