Israeli AI data platform Blyp has completed raising a seed financing round of $4 million led by World Trade Ventures and with the participation of Eyal Waldman, Dovi Frances, Dr. Rafi Gidron, Silvertech Ventures and former Deutsche Bank CEO Boaz Schwartz. The company will use the funds to expand its development team in Israel and add new functionalities to its platform to support the growing demand for its solution.
Blyp has developed an AI-driven data platform enabling e-commerce companies to improve performance and increase revenue through smart and automatic compilation and analysis of available data.
The company was founded in 2021 by CEO Matan Elmalam and Jonathan Halbrecht. The two entrepreneurs have developed an online platform that replaces the need to hire data and e-commerce experts, automatically analyze the SMBs' multiple data sources using AI and ML, and even provides actionable insights and recommendations. The company began development in Israel in July 2021 and the product, marketed as an SaaS product, was launched in December 2021. Since then, it has acquired dozens of clients in the US market.
Blyp has 10 employees in two centers, Tel Aviv and New York, and continues to develop the product that analyzes client data and sends comprehensible automated reports, or "blyps", providing data-driven recommendations for increasing conversion rates or capitalizing on various opportunities based on data that is unique to them.
Elmalem said, "E-commerce merchants are passionate about the products they sell, yet they lack the data expertise needed to compete and grow. This is where Blyp comes into the picture — saving the need to hire data and e-commerce experts, automatically and efficiently analyzing their data and providing them with actionable insights and recommendations.
"We thank the investors who have expressed their faith in the company and are excited to continue building our platform geared to the individual merchants e-commerce community, providing them a simple and revolutionary tool that leads to increased revenues, almost from Day One."