Upp.AI analyses data using AI and machine learning technology to manage the performance of large inventories on Google Shopping, including optimising ad spend, improving product discovery and providing insights into ecommerce sales.

The new funding will help boost the company’s expansion plans.

Ben White, co-founder and chairman at Upp.AI, said: “The scale and complexity of today’s online retail environment has extended beyond the capability of humans alone and needs the support of powerful AI and machine learning technology.

“The Upp.AI platform enables retailers to excel in a competitive landscape, achieve better results around the clock and align their finance and marketing teams’ goals seamlessly.”

Mark Mullen, co-founder at Bonfire Ventures, said: “We believe that Upp is the future of online sales. The company’s platform is incredibly powerful and has the potential to revolutionise the way retailers market, price and sell their products online.”