Describe the company – the elevator pitch …
Loop54 is a Deep Learning search software-as-a-service (SaaS) used by e-commerce retailers to increase sales and conversion rates by improving the relevancy of search results.
— Loop54 (@loopfiftyfour) June 29, 2017
How are you different?
Search engines have traditionally been more concerned with solving problems like retrieval speed, fuzzy-matching and faceting. We go a step further and introduce the concept of ‘content discovery’ to search, where the goal is to increase relevant product exposure in the search results, and in turn, deliver a more intuitive search experience and a higher conversion rate.
While other search software providers solve on-site search with engineers, focusing on efficient database indexing and query alteration, Loop54 takes a mathematical approach. We model the relationships between products using different techniques, ranging from Graph Theory to complex Neural Networks.
Why will the company / product do well?
Because we represent the new frontier in search. Excellent site search search shouldn’t need to be a manual improvement process. With the recent advancements in Artificial Intelligence and Machine Learning, we should be way past that stage. Loop54 represents that next stage.
— Loop54 (@loopfiftyfour) June 27, 2017
Where are you based?
When was the company launched?
We started off in 2012 and launched the first version of our current product in 2013.
What have been your biggest wins to date?
Releasing version 1.0 of our personalisation feature in 2015, which added an additional 7% in revenue for our clients. Then again this year when we released the latest version of our algorithm, which models relationships between products using different techniques, including complex Neural Networks.
What type of people (market segment) are you trying to attract to your product?
We work with the ecommerce Directors and CTOs at medium to large ecommerce retailers. Retailers that have a catalogue with over 500 products.
Tell us about your team?
We have a strong team of 20 people in Stockholm with great pedigree. We have people with strong backgrounds from Palantir, Klarna and Morgan Stanley. During 2017 we’re looking for another 15 people of which several will be based in the UK.
What are your long term plans for your product / company?
Through machine learning technology, we aim to help ecommerce leaders overcome traditional barriers to innovation within their firms, work more efficiently and create more relevant customer experiences.
Every product shown at an e-commerce site should be the perfect match between consumer intent and the business needs, without the need for any manual intervention.
What are your favourite tech gadgets?
We recently bought a Google Daydream VR headset for our R&D team and they love it.
What tech gadgets do you wish you could use to help you?
We really want to use our Google Daydream VR headset, or more accurately the HTC Vive, to do a room scale exploration of our customers’ search engines. We already have a visualiser to walk through the architecture of each engine, but it would be incredible if we could do that with VR.
Another thing that has been on our wishlist since we started is a huge mechanical lever to turn off and on search engines, with a huge thumping noise (think Jurassic Park when they switch on the power).
How do people get in touch with you?
They can visit our website at loop54.com, Tweet us @LoopFiftyFour or email us at [email protected].