The Israeli startup company (Blyp), developer of an AI-driven data platform enabling e-commerce companies to improve performance and drive revenues through smart and automatic compilation and analysis of data available to them, has completed a seed round of $4 million with several leading funds and investors, including 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. The round led by World Trade Ventures from NYC. The funding will serve to enlarge the development team in Israel and continue to add new functionality to the platform to support the growing demand for the product developed by the company.
Blyp was founded in 2021 by Matan Elmalam and Jonathan Halbrecht, who met in New York where they jointly provided data analysis services to e-commerce companies. During their work, Elmalam, among the founders of Connecteam and Halbrecht, veteran of Unit 8200 and a data analysis specialist who served, among others, as a VP at Nielsen, realized that merchants lacking the resources or relevant know-how need a “guiding hand” to help them analyze all of the data derived of the systems by which they conduct their commerce, including Google Analytics, Shopify, Facebook Ads and Klaviyo.
Thus, the two created the idea of developing an online platform that will actually replace the need to hire data and e-commerce experts, automatically analyze the SMBs’ multiple data sources using AI and ML, and will even provide them with actionable insights and recommendations. The company began development in Israel in July 2021 and the product, marketed as an SaaS product, was launched in December 2021. Since then, it has acquired dozens of clients in the U.S. market.
The company currently employs 10 employees in two centers, Tel Aviv and New York, and continues to develop the product that analyzes client data and sends comprehensible automated reports, or “blyps”, providing data-driven recommendations for increasing conversion rates or capitalizing on various opportunities based on data that is unique to them. In addition to saving valuable time and resources, Blyp also protects businesses by auto-detecting issues that impair sales, such as technical errors at checkout or on the site.
Installing Blyp, currently available in the Shopify app store, and the client onboarding process takes several minutes, after which the software scans the stores, analyses the data and begins to generate reports (“Blyps”). On average, 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 current round will serve enlarge the development team in Israel, add new functionality to the platform and support the growing demand for the product developed by the company.
“E-commerce merchants are passionate about the products they sell, yet they lack the data expertise needed to compete and grow," according to Matan Elmalam, Co-Founder & 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. We thank the investors who have expressed their faith in the company and are excited to continue building our platform geared to the individual merchants e-commerce community, providing them a simple and revolutionary tool that leads to increased revenues, almost from Day One.”
“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.”
