Cosmose AI (Cosmose), a Singapore-based platform that predicts and influences how people shop offline, has on Monday announced the strategic investment from NEAR Foundation, a Web3 technologies firm based in Switzerland, valuing the company at $500 million.

Cosmose said in a statement that with this new investment, the firm is set to apply Web3 principles and further advance the artificial intelligence (AI)-driven retail ecosystem.

With the new investment, Cosmose said it will continue to innovate within the Web3 ecosystem to create seamless experience for shoppers and increase sales for retailers.

Through the partnership with NEAR Foundation, Cosmose Media and KaiKai, the two Cosmose AI’s products, will advance Web3-driven innovations.

KaiKai has been successfully leveraging NEAR Protocol through the creation of its own cryptocurrency utilized for payments, cash-back and rewards: Kai-Ching.

Thanks to Kai-Ching, shoppers and retailers benefit from shorter payment processing time and significantly lower fees.

“NEAR is the most secure, scalable and sustainable blockchain protocol. Having built on NEAR in 2022 and while working with NEAR Foundation we discovered that our visions for the Web3-driven future are aligned,

“Together, NEAR and Cosmose AI will build a future where more than 1 billion users can benefit from the ecosystem they are part of, remain in full control of their data and have a superior shopping experience thanks to AI-driven personalisation,” said Miron Mironiuk, Founder and CEO of Cosmose.

Founded in 2014, Cosmose connects the offline and online to create a seamless experience for shoppers and increase sales for retailers.

The firm empowers some of the world’s most prominent companies including LVMH, Richemont, L’Oréal and Estée Lauder, whilst also offering AI-driven recommendations to its users encouraging them to shop in nearby stores saving time, money, and the environment.

It is noted that NEAR Protocol is the most advanced blockchain technology available today, offering the fastest and most energy-efficient solutions for data storage and management.

By leveraging the power of Web3, Cosmose said it can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.

This approach ensures the highest level of privacy for users and aligns with the company’s commitment to user safety.

According to Marieke Flament, Chief Executive Officer of Near Foundation, Cosmose continues to scale rapidly and to create new ways for retailers to offer customers the best and most seamless offline and online shopping experiences.

“The company’s excellent AI innovation will help to intensify its global marketplace lead and with our support – give it the means to leverage the full potential of Web3 in a way that is sustainable, transparent, and infinitely scalable,

“The company already boasts a strong user base – and with superior AI-driven personalization that number will continue to grow – as new and existing customers will be seamlessly transitioned into the world of Web3 and the exciting opportunities it brings,” he added.

The announcement follows a Series A fundraise earlier in 2020, led by Tiga Investments, OTB Ventures and TDJ Pitango.

Since then, the company expanded its product offerings and geographical footprint with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia.

Cosmose gathers insights from smartphones and helps understand offline shopping habits and drive footfall across 20 million venues in Asia.

“This strategic investment from NEAR is a testament to the strength of Cosmose AI’s technology and the potential for its artificial intelligence solutions to revolutionize the convergence of e-commerce and the retail industry,

“We look forward to seeing the continued growth and success of Cosmose,” said George Raymond Zage III, Founder and Chief Executive Officer of Tiga Investments.

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