Conversational AI company Caravel is excited to announce that it has been selected as a 2019 TiE50 Winner in the prestigious TiE50 Awards Program. This awards competition, now in its tenth year, is a program of TiEcon, the world's largest conference for tech entrepreneurs. Caravel is recognized for its natural-language approach to commerce, making brands and retailers shoppable through conversational platforms wherever their customers are.
“With all the digital transformation happening within retail and instant access to products we now have, the customer is being left behind. They are left on their own to sift through a sea of choices and information and ultimately build confidence to make purchase decisions,” says Maxwell Folley, CEO of Caravel, "On average, customers experience your product on six external channels before they act, and still return their purchases 30% of the time because it wasn't right for them. This is incredibly costly for consumer brands and retailers that sell digitally and if we don't rethink the digital shopping experience to put the customer first, the future of retail is at risk of being profit proof."
"Caravel enables sales assistance to scale outside the walls of physical retail with AI—lifting digital sales by as much as 111 percent. We're honored to featured in the 2019 TiE50 for our work applying AI to improve every shopper's experience."
“TiE50 has become a global brand and this year we screened entries from all over the world and from a very diverse set of industries including AI, autonomous vehicles, FinTech, sustainable textiles, medical devices, robotics, fuel cells, networking, healthcare, logistics and security. We screened and selected the TiE50 winners as recognition of the potential of the companies and innovation they are bringing to market. TiE50 program has gained notoriety over the past decade as a competition run with the highest level of integrity and vigorous screening and judging by domain experts,” said Kamal Anand, TiE50 Program Chair.
“For over 27 years as a not-for-profit organization dedicated to fostering entrepreneurship and with a global footprint of half million entrepreneurs, enterprise executives, and investment professionals, at TiE Silicon Valley we take pride in the fact that we have created TiE50, a strong 10-year-old brand for recognizing high potential startups,” said B.J. Arun, President, TiE Silicon Valley.
The TiE50 Awards will be presented to the winners during a ceremony at May 11th during TiEcon at Santa Clara Convention Center. For more information, please go to tieinflect.org
Launched in 2018, Caravel is Conversational AI purpose-built for digital shopping assistance. Caravel engages with customers over web chat and text, making brands shoppable through conversation wherever customers are. Caravel assists with tasks online shoppers often struggle with like gifting, sizing, styling, and more, providing a guided shopping platform for digital retailers in fashion, apparel, footwear, home, health, and more. The team behind Caravel is comprised of retail, design, and AI experts based in Portland, Oregon and New York City. Together, they have a decade of experience working to craft state-of-the-art retail and eCommerce solutions for major consumer brands.
Now celebrating its tenth year, TiE50 Awards provides a one-of-a-kind showcase for the world’s top technology and technology-enabled startups. TiE Silicon Valley's premier annual awards program is keenly contested by thousands of early- to mid-stage startups of all sizes representing a wide range of verticals. Applications are rigorously reviewed by a panel of judges including venture capitalists, angels, successful entrepreneurs, and corporate executives. Since its inception, 84 percent of TiE50 winners and top startups have been funded at a total of over $1 billion. Many of these companies went on to acquisition or IPO with 29 of the exits at over $100 million.
TiEcon is the world’s largest conference for entrepreneurs and intrapreneurs with participation from top technology companies, leading venture capital firms, and global service providers. Delegates range from CEOs of top companies to first-time entrepreneurs as well as corporate executives and investment professionals. TiEcon was listed as one of the 10 best conferences for ideas and entrepreneurship by Worth Magazine, along with TED and the World Economic Forum. TiEcon 2018 attracted 5,000 attendees from 22 countries. More information: TiEcon.org