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Touchcast, which uses generative AI to build interactive commerce websites, is raising a Series B round, CEO Edo Segal tells Axios exclusively.

Why it matters: This will be the year the generative AI industry gets serious about delivering results.

Details: Segal declined to say how much Touchcast will raise but noted the round will target strategic investors.

Proceeds will be invested in marketing as well as building out software and global infrastructure, Segal says.

How it works: Touchcast's platform, which is a generative AI content management system, or GCMS, was only recently made available to potential customers.

It is a reasoning engine that helps retailers and brands transform their websites from digital versions of catalogs into an interactive experience, Segal says.

For example, an electronics retailer could create and train a virtual salesperson to learn its product catalog using Touchcast's platform to sell computers.

The virtual salesperson would be able to answer customers' questions and offer product recommendations based on their specific needs.

The goal is to "reboot the idea of web commerce," not merely add another feature, Segal says.

Zoom in: Touchcast developed its platform in response to the labor pressures facing retailers, Segal says, adding that "human capital" can be a "revolving door" for retail businesses. 

The technology is less expensive than what it would cost to hire a person, Segal says.

In some cases there is simply not the talent available to fill certain roles, he says.

The intrigue: The startup is using its technology to create a digital version of the CEO, which will receive pitches and answer questions from potential investors, Segal says.

"We try to eat our own dog food," Segal says.

There will still be a traditional pitch deck, however, he adds.

Catch up fast: Touchcast raised a Series A round in 2021 of about $60 million led by Accenture Ventures, Segal says.

Retail-focused AI startup Touchcast is raising new funding

The company is using generative AI to help retailers and brands create interactive commerce websites.

Illustration of a dollar bill being broken up into binary code

Fundraising

Exclusive

Touchcast, which uses generative AI to build interactive commerce websites, is raising a Series B round, CEO Edo Segal tells Axios exclusively.Why it matters: This will be the year <a class="gtmContentClick" data-vars-link-text="the generative AI industry" data-vars-click-url="https://www.axios.com/2023/12/27/ai-predictions-tech-trends-2024-openai-chatgpt" data-vars-content-id="185b5aa5-abd2-40ce-8474-737d15a56aa3" data-vars-headline="Retail-focused AI startup Touchcast is raising new funding" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/12/27/ai-predictions-tech-trends-2024-openai-chatgpt" target="_self">the generative AI industry</a> gets serious about delivering results.

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Retail-focused AI startup Touchcast is raising new funding

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