Bandit ml The goal is to optimize and automate the process of presenting the right offer to the right customer.
Startup accelerator was part of the Summer 2020 class Y coordinator . It raised $ 1.32 million seed rounds in September from YC, Haystack Fund, Web Investment Network, Liquid 2 Ventures, Aura Ventures, Basecamp Fund, Pathbreaker Ventures and various angels, with CEO Edoardo Saini saying there are 10 current and former Uber employees.
Conti (who founded the company with Lionel Vital and Joseph Gilli) is a former Uber software engineer and researcher himself.
The idea, as he explained via email, is that one customer may be more excited about the $ 5 discount, while another may be more effectively fascinated by free shipping, and a third altogether. Can be detracted from because they have just created a greater purpose. Using a merchant’s order history and website activity data, Bandit ml They are believed to help which offer will be most effective with which shopkeeper.
Conti acknowledged that there is other discount-optimization software out there, but he suggested that none of them do Bandit ML: “off-the-shelf devices that use the machine that veterans like Uber, Amazon and Walmart learn. “
He stated that Bandit ML’s technology is unique in its support for full automation (“some stores sent their first batch of offers within 10 minutes of signing up”) and the ability to adapt to long-term metrics, such as That purchase over a 120-day period. , Rather focusing on one-off redemption. In fact, Conti stated that the technology a startup uses to make these decisions is similar to Reagent project That he worked on Facebook.
Bandit ML currently focuses on merchants with Spotify stores, although it also supports other e-commerce platforms such as Calii. Conti said the platform has been used to promote multi-million dollar promotions since July, with a clothing company seeing a 20% increase in net revenue.
“Always starting with an incentive engine for every online business, we aim to create an out-of-the-box machine learning tool that allows a small online business to compete with the world’s WalMarts and Amazon. Is required, ”he said.