AI-powered marketing platform Needle raised $1.2 M Pre-seed funding from Iterative
An AI-powered marketing platform from Singapore called Needle has raised US $1.2 million in a pre-seed round that was led by Iterative and included Ethos Fund, Goldbell Financial Services, and Goldbell Financial Services. The round included additional angel investments from JJ Chai, the founder of Rainforest.
The additional funding will be used to grow Needle’s team, which consists of engineers, data scientists, and AI educators.
Needle supports online retailers in streamlining their marketing initiatives. Needle assists businesses in lowering costs and enhancing return on investment by analyzing data from various platforms to offer personalized recommendations and automate campaign creation.
“New brands need to find customers on multiple channels and transact with them on multiple platforms,” Needle co-founder Kiyan Foroughi said. “At Needle, we want to help founders cut through the noise, make sense of their data, and point them where to focus”.
Recent research from the Boston Consulting Group claims that fundamental marketing operations have already been affected by generative AI. According to a survey, 70% of respondents are already using the technology, while only 19% are in the testing stage.
The respondents employ AI to carry out tasks like market segmentation, insight generation, and content creation.
Needle reported that early clients who adopted the company’s strategies increased starting revenue by 1.5 times over a five-month period. According to Needle, these clients are also capable of finishing the same amount of work as a marketing team twice their size.
Direct-to-consumer companies like August Society, Indosole, and Our Bralette Club are among its clients.
