Tusla-based artificial intelligence software firm iRecommend Software, a startup developing a next-generation recommendation engine for retail, recruiting, real estate, entertainment, and healthcare industries, has closed on a $1.85 million Series A investment round of funding.
Built on artificial intelligence, deep learning, and a proprietary algorithm to leverage available big data from thousands of data feeds, iRecommend's platform is able to generate the most highly-relevant, user-specific recommendations across retail, recruiting, real estate, entertainment, and healthcare industries. Simply put, iRecommend provides the right product to the right person at the right time.
The funding was led by i2E, Inc. with participation from co-investors Warren Foundation (Tulsa), Falcon Partners (Houston), and other strategic investors. The Series A round will be used to expand global sales and marketing efforts, complete a large online retail client integration, and commercialize SaaS subscription modules for real estate and recruiting industries.
The investment builds on an exceptional year for iRecommend that included the formation of the company from a four-year R&D, beta release for recruiting and real estate business modules, and beta testing for a large online retail client to provide recommendations for its 40M+ users.
"While the term 'recommendation engine' is relatively new, we experience recommendation engines every day when we shop 'recommended deals' on Amazon, watch 'matched' movies on Netflix, or receive 'recommended listings' from Zillow. While the great majority of companies use limited data points to make recommendations, iRecommend provides much deeper, current data for our clients, allowing our AI Agent, Sophia, to provide superior, highly accurate, and personalized recommendations for each user," said John Morad, Founder & CEO of iRecommend.
He added, "This round of investment plays a significant part in our strategic plan, allowing us to expand marketing and sales globally."