Cosmose, a platform that tracks foot traffic in physical stores to help companies predict customer behavior, announced today that it has raised a Series A of $15 million. The round was conducted by Tiga Investments, with the participation of returning investors OTB Ventures and TDJ Pitango. who co-led the Cosmose seed round last year. The company said its valuation is now over $100 million.
Series A will be used for product development and geographic expansion, starting with the Southeast Asian markets this year, followed by the Middle East and India. CEO Miron Mironiuk, who founded Cosmose in 2014, said his goal is to break even and generate profits by 2021.
Cosmose has offices in Shanghai, Hong Kong, New York and Warsaw, where the software engineering team is based. Most of the stores currently using its technology are in China and Japan, and its customers include companies such as Walmart, Marriott, Samsung and LVMH.
As companies try to recover from the impact of COVID-19, Mironiuk said Cosmose's platform has helped customers make decisions about when to reopen stores and what type of inventory to store, and how to increase revenue. For example, "some stores wanted to connect with customers who used to shop at their physical locations and encourage them to buy online," she said. "Hotels in Japan focused on promoting their in-store restaurants to local residents to compensate for lost revenue. The company is also working with the Boston Consulting Group on a report called "COVID-19 Offline Retail Recovery Traffic in China" for release next week.
Mironiuk said a PwC audit of the platform's accuracy completed in December 2019 confirmed its ability to track customers within 1.6 meters of their store location, and that its data ecosystem now comprises more than one billion smartphones and 360,000 stores. Cosmose's plan is to grow that to two billion smartphones and 10 million stores by 2022.
The company offers three main products: Cosmose Analytics, which tracks customer movements within physical stores; Cosmose AI, a data prediction and analysis platform to help retailers create marketing campaigns and increase sales; and Cosmose Media, for targeting online ads.