Rep AI Announces $8.2 Million in Funding to Accelerate Development of World’s First AI Sales Concierge

Press Release - August 27, 2024 — Rep AI Technologies Inc., creator of world’s first AI Concierge™, today announced it has raised $8.2 million in funding. Led by Osage Venture Partners (OVP), and joined by Oryzn Capital and Flashpoint Venture Capital, the investment will fuel further development of the company’s e-commerce sales tool. Built leveraging a proprietary combination of behavioral AI and large language models (LLMs), the tool enables merchants to provide personalized sales assistance at scale, turning more browsers into buyers. Seamlessly integrated with their existing tech stack and unobtrusive to shoppers, the technology drives an average of 22 percent higher increases in conversions with existing customers. 

OVP, an investor specializing in early-stage, business-to-business software companies that deliver disruptive innovations to large markets, selected Rep AI for its strong market traction and compelling value proposition. With over 500 merchants worldwide already using its solution, Rep AI’s product-led growth model and seamless onboarding process are set to accelerate customer acquisition and further boost its impressive 15 percent month-over-month growth rate.

Rep AI’s innovative technology leverages behavioral AI to analyze each shopper’s browsing patterns, allowing it to anticipate when assistance is most needed. At the precise moment a shopper might benefit from support, the AI proactively offers help, giving the shopper the option to engage for the remainder of their shopping journey. By providing tailored product specifications, personalized recommendations, and relevant information, Rep AI enhances the overall shopping experience and drives higher sales. Merchants typically see a remarkable 30x ROI within the first month of implementation. At the same time, they garner valuable insights that enable them to refine their product offerings and deliver even better customer experiences.

“Rep AI’s innovative use of cutting-edge AI to provide personalized sales assistance at scale has the potential to redefine customer experiences and boost conversion rates across the e-commerce industry," said Sean Dowling, partner at OVP. “We are excited to lead this round and look forward to supporting Rep’s continued growth and innovation."

“While technology has changed immensely in the past 15 years, e-commerce has largely stayed the same – and so has its historically poor conversion rates. Rep AI is the evolution the industry has so desperately needed," commented Yoav Oz, co-founder and CEO of Rep AI. “Unobtrusive and completely customizable to match each merchant’s product catalog and brand personality, it brings any sized business the benefits of a highly skilled sales expert that also happens to be infinitely scalable."

"Rep AI brings a refreshing new approach to online sales, and it has already begun to realize its great potential," said Lior Segal, partner at Oryzn Capital, which specializes in supporting Israeli-founded startups in Software, AI, and subscription-based companies. "The company's technology enables merchants to provide personalized sales assistance at scale, and we anticipate this solution will become a new standard in the market in the near future."

"Rep AI fills the need to consult with a professional while purchasing online. Especially for first-time shoppers at any given site, consumers want more information and assurance before making a buying decision," said Noam Wolf, partner at Flashpoint Venture Capital. "In that perspective, eCommerce today is broken, leading shoppers to experience distrust and anxiety. Rep AI solves this problem, assisting both shoppers and eCommerce businesses to have a better experience."

About Rep AI

Rep AI provides cutting-edge technology that empowers e-commerce merchants to deliver personalized sales assistance at scale, significantly enhancing the customer experience and converting browsers into buyers. A plug-and-play solution that seamlessly integrates into merchants’ websites, Rep AI leverages advanced behavioral AI and large language models (LLMs) to proactively offer assistance at the optimal moment in the shopper’s journey. Offering contextually relevant, personalized recommendations and other information addressing the shopper’s needs, Rep AI elevates their experience while boosting conversion rates up to 250 percent. For more information, visit www.hellorep.ai.

About Osage Venture Partners

Osage Venture Partners (OVP) is a leading venture capital firm located just outside Philadelphia, PA. For nearly two decades, OVP has partnered with exceptional entrepreneurs building the next generation of leading early stage, B2B software companies. For more information, visit osageventurepartners.com.