Company that just raised $50 million also acquired Wizard.com.
Funding for AI-related startups is at an all-time high. According to information gathered by Statista, AI funding reached around $20 billion in Q2 2021. This year is set to eclipse 2020’s total funding of $36 billion by quite some way, indicating that venture capitalists are keen to back companies advancing our use of artificial intelligence.
A total of $50 million has just been added to the 2021 tally thanks to a Series A funding round announced last week by Wizard Commerce Inc. This startup describes itself as “transforming e-commerce with conversational AI.”
Roughly translated, Wizard is allowing brands and retailers to sell to its customers via text message.
Marc Lore, the former CEO of Walmart US Ecommerce, is among Wizard’s backers.
Lore also owned and operated Jet.com, an e-commerce platform sold to Walmart for $3.3 billion. It seems that Marc Lore is a fan of great domain names for his own ventures and for companies he invests in.
Recently, Lore invested in Tornado, which acquired Tornado.com from Brent Oxley in 2021. Now, Wizard has used some of its $50 million funding round to acquire Wizard.com.
The Wizard.com domain name was previously owned by Telepathy, Inc., a domain investment company owned and operated by Nat Cohen. According to WHOIS history, Wizard.com moved from Telepathy’s possession in December 2020 when it transferred to a GoDaddy account.
Wizard.com remained dormant until recently, when a simple “coming soon” page appeared on the domain.
Crunchbase notes that Wizard was founded on September 1st, 2021, but a TechCrunch article suggests that Wizard isn’t as new as it seems. According to the article, Wizard’s CEO previously ran Stylust, a text-based shopping platform, a concept that sounds similar.
Wizard reportedly acquired Stylust, with the entire Wizard staff aside from some recent C-suite additions being ex-Stylust employees.
Whether this is a brand new company or not, acquiring an ultra-premium domain name such as Wizard.com before officially launching is a strong move that signals the company’s ambitions and intentions.