Blyp raises $4 million in Seed to help online retailers maximize their data
The online platform automatically analyzes multiple data sources of SMEs using AI and Machine Learning
Blyp, an Israeli startup company that has developed an AI-driven data platform to help e-commerce companies improve performance and drive revenues, has completed a Seed round of $4 million. The round was led by World Trade Ventures and included participation from Eyal Waldman, CEO and Founder of Mellanox; Dovi Frances, Founder of Group 11; Dr. Rafi Gidron, among the founders of Chromatis; Silvertech Ventures; and Boaz Schwartz, Former CEO of Deutsche Bank Israel.
Blyp was founded in 2021 by Matan Elmalam and Jonathan Halbrecht. The duo has developed an online platform that automatically analyzes the multiple data sources of SMEs (small and medium-sized enterprises) using AI and Machine Learning, such as Google Analytics, Shopify, Facebook Ads, and Klaviyo, providing clients with actionable insights and recommendations. Blyp said it already has dozens of clients in the U.S.
Blyp Founders Matan Elmalam and Jonathan Halbrecht. Photo: Dor Malka
“E-commerce merchants are passionate about the products they sell, yet they lack the data expertise needed to compete and grow,” explained Elmalam, Co-Founder and CEO of Blyp. “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.”
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Users can install Blyp from the Shopify app store. According to the company, merchants using Blyp save 20 hours per month on data analysis and some have seen 30% increases in conversation rates after acting on Blyp’s recommendations. The SaaS service offers ‘blyps’ - automated reports - that provide data-driven recommendations to help increase conversion rates. Blyp was officially launched in December 2021 and the company has 10 employees in Tel Aviv and New York.
“Blyp took a complex e-commerce problem and solved it using small blyps,” added Charlie Federman, General Partner at Silvertech Venture. “Companies are drowning in data from too many dashboards and are desperate for actionable information and guidance. Blyp is giving e-commerce SMBs access to the critical intelligence that was only available to billion-dollar businesses with data science staffs. We identified a huge opportunity in Blyp and we are thrilled to be part of their mission.”