Industry News

TMCNet:  Proxima AI Raises $12 Million in Series A Financing

[April 02, 2024]

Proxima AI Raises $12 Million in Series A Financing

Proxima, a data intelligence software company that empowers consumer technology businesses to scale customer acquisition profitably, expand customer lifetime value and optimize full lifecycle marketing, today announces the closing of a $12 million Series A round led by Mucker Capital. Other investors in the round include Aglae Ventures (family office of LVMH founder), Great Oaks Venture Partners, Data Point Capital, Broadway Venture Partners, FirstLook Partners and Connexa Capital.

Since launching in May 2022, Proxima has achieved over 400% revenue growth and increased its proprietary network of B2C connections to over 12,000. This powerful network harnesses over 65 million unique, anonymized shopper profiles, blending these with advanced AI models. This synergy empowers clients to elevate their marketing performance by unlocking deep, actionable insights and superior targeting. Their suite of offerings enables businesses to scale paid media efficiently across advertising platforms including Meta and TikTok, improve retention and customer lifetime value with predictive intelligence, and gain tactical insights with network-powered industry benchmarks.

p> Led by eCommerce and marketing technology veterans, Proxima was founded to address the challenges faced by many consumer technology companies from increasing privacy restrictions and challenging unit economic headwinds. Serial entrepreneur and Goldman Sachs alum, Alex Song, has built a data-driven solution designed to power the future of how brands accelerate and maximize marketing performance.

"Our team saw first hand the sense of apprehension and skepticism among brands spending on paid channels following the iOS privacy changes in 2021. But since our launch, we've seen the widespread embrace of data insights and enhanced targeting as our clients have become more successful with AI-powered experimentation, leading to our 4x growth," said Alex Song, Founder and CEO of Proxima. "This investment will allow us to evolve our platform to enable our clients to achieve superior decision making in acquiring and retaining customers as well as leverage AI to execute marketing strategies with unparalleled performance."

"Proxima is addressing one of the most important issues for marketers today - leveraging data effectively to drive profitable growth in the face of challenging market dynamics for both customer acquisition and retention," said Omar Hamoui from Mucker Capital. "We're thrilled to lead their Series A fundraise and are eager to collaborate with the leadership team on the exciting journey ahead." Before joining Mucker Capital, Omar Hamoui was the Founder and CEO of AdMob which he sold to Google and a partner at Sequoia Capital.

The new funding will support the growth of Proxima's technology platform, including AI-powered feature development, as well as further expansion of their technology and commercial functions.

About Proxima

Proxima is transforming the consumer technology landscape and giving B2C businesses the data they need to make informed decisions that drive superior marketing performance. Proxima is a first-of-its-kind data intelligence solution that securely leverages artificial intelligence and a proprietary database of over 65 million (and growing) unique shopper personas to enable businesses to achieve greater scale, efficiency, and financial success across their acquisition, retention, and full customer lifecycle marketing. Their mission is to be the essential platform for powering marketing performance for all consumer technology businesses.

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