Near to enhance Cosmose AI's retail with Web3 experience

Cosmose AI partners with Near Foundation to apply Web3 principles to the AI-driven retail ecosystem

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Cosmose AI needs Web3 solutions to speed up transactions and reduce their cost

On April 24, Cosmose AI, a company that uses artificial intelligence to track in-shop customer flows, interact with online customers, and create a personalized experience, partnered with the Web3 platform NEAR. NEAR, which aims to address key issues of modern blockchains such as low scalability and a complex user interface, made a strategic investment in Cosmose, valuing the company at $500 million. This was five times more than the $100 million valuation during the $15 million Series A financing in 2020.

Cosmose AI's official announcement claims that it ''connects the best of offline and online to create a seamless experience for shoppers and increase sales for retailers. Cosmose 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.''

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Now, the two companies are working together to give a Web3 makeover to Cosmose AI's applications including the popular KaiKai app, which allows customers to find retail stores in a specific location. According to Miron Mironiuk, founder and CEO of Cosmose AI, this can be an effective solution to the high fees currently charged for online payments processed by intermediaries such as Stripe or PayPal.

KaiKai has already adopted the NEAR Protocol for the creation of Kai-Ching, the platform's own cryptocurrency that enables payments, rewards, and cashback. Another Cosmose AI product, Cosmose Media, is also ready to adopt innovation using Near Protocol.

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The team behind Cosmose AI claims that NEAR Protocol is ''the most advanced blockchain technology available today, offering the fastest and most energy-efficient solutions for data storage and management.'' It also sees the collaboration with Near Protocol as a solution to privacy issues and the lack of control over data that customers are constantly facing in the Web2 space.

The CEO of Near Foundation, Marieke Flament praised Cosmose AI for the progress it has made, noting its strong user base and innovative AI solutions. ''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,'' Flament said in the announcement, adding that the current state of Cosmose AI will enable a seamless transition to Web3.