AI Shopping Assistant Karma secured $25 Million in Series A funding

Karma, An Israel based Artificial Intelligence shopping assistant and shopping network, has now secured a $25 million in Series A funding round.

Karma is founded by Jonathan Friedman. AI startup offers a smart digital shopping assistant that offers an AI supported shopping tool in one universal app across all devices. It even empowers consumers' shopping decisions via a clever shopping planner, cash rewards, automatic coupon finder, price, or inventory tracking with more innovative features in the works.

Shmuel Chafets, general partner and vice chairman, Target Global, said, "COVID-19 accelerated the e-commerce market by ten years in just six months. Impressively, more than two billion online shoppers purchased $4.2 trillion of goods or services in 2020. In this massive, fast-growing market, we believe Karma can become the market leader in automating the shopping experience. Karma's browser-based AI shopping assistant elevates the shopping experience for customers tremendously and makes online shopping more efficient and rewarding for them."

Jonathan Friedman, co-founder, and chief executive officer, Karma, said, "This funding round will help us continue to enhance our core AI shopping assistant using machine learning to deliver smarter capabilities to our users and extend our "best price guarantee" on many more e-commerce sites. Behind the scenes, we are building the most extensive digital shopping network in the world. This will allow us to capitalize on opportunities in markets adjacent to the online shopping experience."

Target Global led the funding round, followed by MoreTech Ventures. Other participating investors include Altair Capital and NFX.

The AI startup as of now plans to use new funs to grow its team, predictive analytics, and machine learning. The Shopping Assistant company also intends to scale its userbase and expand into adjacent market opportunities.