Alfvén & Didrikson leads $12m round for Klevu

Existing investors Evli Growth Partners, Jerry Pruttz Holding and Jonas Dromberg also took part in the round.

The company will use the funding to further accelerate its global expansion and product innovation.

The startup has also launched Global Semantic Lab to fuel innovations involving machine learning and natural language processing for online retail. According to the company, this will give it a competitive advantage in AI for retail and also help retailers "stay relevant in the age of amazonification".

Previous funding
In 2014, Klevu raised €250,000 in seed funding from Inventure and KoppiCatch. In 2019, it raised €5m in a series-A round led by Evli, Inventure, and private investors Jacob Dalborg and Jonas Dromberg.

Company
Founded in 2013 and based in Espoo, Klevu is a developer of an AI-driven e-commerce search engine for online retailers, helping them to increase conversions, drive sales and improve shopping experience.

It employs more than 70 staff across offices in the UK, the US, India, Finland and Sweden. It serves more than 3,000 online retailers globally.

People
Klevu – Nilay Oza (co-founder, CEO).
Alfvén & Didrikson – Tiyam Afshari (partner).
Evli Growth Partners – Ari Korhonen (partner).  

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