Compat.io, a Springfield, Missouri based company, recently raised $890K in late June.
The purpose of the funding was to help the one-year-old company generate revenue and was completed by an individual angel investor.
Compat.io improves the omnichannel retail experience by providing highly accurate product recommendations that increase per-transaction revenue and reduce the costs of product returns.
Compat.io is an entirely new technology-based simply on an old concept. This concept is understanding a product, relating it to the buyer’s need, and recommending relevant yet technically correct solutions. Compat.io works with manufacturers to increase feasibility and decrease associated costs for consumers, dealers, and service staff. Compat.io also works with e-commerce sites and recommends solutions that work for both the store owner and the customer. Lastly, Compat.io works with dealers to increase sales improve margins, and reduce costs.
The company develops and utilizes knowledge-based recommendation systems (KBRS), compatibility management systems and in-store tailored applications as per business needs. This enables clients to increase conversion rates while improving customer happiness and loyalty. Additionally, Compat.io’s expert recommendation system (XRS) understands the precise technical relationship between any two components so that cross-selling is more accurate, timely, and personalized.
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Compat.io’s software is powered by AI, which continuously analyzes and updates a product’s knowledge base to deliver current, precise recommendations. The software also uses a cloud-based data hub, which aggregates product data and compatibility. Additionally, the cloud-based data hub syndicates and scales to commerce channels worldwide. Lastly, the software helps shoppers find the right solution for their unique needs.
Timothy Baynes, CEO, and founder of Compat.io attended Wright State University and received his Bachelor of Arts degree in Psychology with Cognitive Sciences. He later attended Cornell University for Grad school. He spent a considerable 10 years at Oracle Corp and held a leadership role. He also spent time with Keste, Gartner, and Configit before founding his company in June of 2018.
For more information visit https://www.compat.io/
