AI tech startup, eCommerceInsights.ai, graduates from NEC X and Alchemist Accelerator during “Class XXIX Demo Day”
About a year ago, we wrote about NEC X, the innovation accelerator for NEC Corporation’s emerging technologies, after the accelerator announced a joint partnership with Alchemist Accelerator to provide technology startups with end-to-end support, including NEC R&D technologies and business launch coordination. Alchemist Accelerator is a venture-backed initiative focused on accelerating the development of early-stage ventures.
Today, NEC X and Alchemist Accelerator announced that eCommerceInsights.ai is the second AI startup to successfully complete both programs and graduates today during Alchemist’s 29th Demo Day. eCommerceInsights.ai offers an AI-based insights-as-a-service (IaaS) platform that helps brands improve their products and customer experience, innovate faster, and ultimately sell more.
Its deep learning-based natural language processing AI helps brands understand what reviewers are saying about their products and the competition by aggregating, analyzing, and visualizing review data.
In a statement, NEC X CEO Shige Ihara said, “NEC X partnered with Alchemist in 2021 to jointly support startups and help them grow, such as in the case of eCommerceInsights.ai.” Ihara continued, “We are very proud and excited today to see eCommerceInsights.ai spin out of NEC X and graduate from the Alchemist. Additionally, with two graduates now underway that have successfully gone through both the NEC X CAP and Alchemist Accelerator program, we have taken the next step with Alchemist to deepen our engagement as a Limited Partner. We look forward to the future as we continue to jointly help startups accelerate their success.”
NEC X provides its Corporate Accelerator Program (CAP) together with its strategic partner, AlchemistX, Alchemist’s corporate innovation accelerator, to speed the development of early-stage startups based on NEC’s technologies. Furthering this partnership, NEC became a Limited Partner of the Alchemist Fund III in Q4 2021. This deeper level of engagement will generate more synergy effects to both parties―Alchemist will be able to source promising startups from the early phase one for their growth and NEC X will leverage Alchemist’s resources and network from sourcing startups to help them grow faster and larger.
“The gifted entrepreneurs at eCommerceInsights.ai have exceeded our expectations again and again,” said Rachel Chalmers, Managing Director, AlchemistX. “Their software gives brands unprecedented power to monitor and analyze their customers’ opinions, and we believe it will create a new category. We are honored to collaborate with NEC X on the CAP and delighted to welcome exceptional spinouts like eCommerceInsights.ai to the Alchemist portfolio.”
Starting with AI technology from NEC Laboratories America, eCommerceInsights.ai went through the NEC X CAP within a short and intense one-year timeframe from concept to spinout. It offers an AI-based insights-as-a-service (IaaS) platform that helps brands improve their products and customer experience, innovate faster, and ultimately sell more. Its deep learning-based natural language processing AI helps brands understand what reviewers are saying about their products and the competition by aggregating, analyzing, and visualizing review data. Its software then identifies and predicts ways to improve ratings and therefore increase sales across the eCommerce landscape including Amazon, Walmart, D2C, and more.
eCommerceInsights.ai CEO and Co-founder, Sanjay Arora, said, “Inspired by technology from NEC, we have developed our own AI technology that provides companies with a unified voice of their customers across all channels. We are starting with reviews and moving towards chatbot data, call center transcripts, support tickets, and more. Our vision is to establish an industry-wide metric that brands use to improve product quality.”
Alchemist is a venture-backed accelerator focused on the development of seed-stage ventures that monetize from enterprises (not consumers). CB Insights rated Alchemist the top accelerator based on median funding rates of its grads (YC was #2). Alchemist backers include many of the top corporate and VC funds―including Khosla Ventures, DFJ, Cisco, Siemens, GE, and Salesforce, among others. Notable alums include LaunchDarkly, Rigetti Quantum Computing, Privacera, mPharma, Volans-i, and MoEngage.
Going forward, eCommerceInsights.ai is on track to close its upcoming seed round and is looking to scale and grow.