Rubikloud Technologies said it brought up $37 million in an oversubscribed Series B round funding driven by Intel Capital, and joined by new financial specialists Inovia Capital along with OTEAF. Existing financial specialists Horizons Ventures and Access Industries took an interest and participated. The Toronto organization that is creating decision-automation software using artificial intelligence for the retail business has now raised a total of $45 million. The organization will use the cash to grow in Europe and Asia. Executive Elana Lian drove the investment for Intel Capital, and will join the Rubikloud board.
“Rubikloud is planning greater global expansion, as traditional retailers realize what’s at stake if they don’t integrate AI now,” said Kerry Liu, CEO of Rubikloud. “The holiday season has the potential to make or break retailers’ yearly revenue, leaving no margin of error for inventory stock-outs or disappointed loyal customers. But as the stakes rise, legacy tech providers are falling short in developing retail AI core-applications.”
Rubikloud Technologies raised $7 million in 2015 out of an oversubscribed Series A drive by TOM Group and Ule with equal participation from Access Industries and other private financial specialists. The organization closed its seed round driven by Horizons Ventures, a private investment arm of Li Ka-Shing. Toronto-based Rubikloud uses AI to enable retailers to change their association from the mass market into client driven pioneers.
The Rubikloud stage empowers mechanized OLAP information integration with legacy retail applications and information stockrooms. This computerized integration into a cloud-native condition enables Rubikloud to instantly deploy AI applications that affect a retailer’s main concerns. Currently, Rubikloud works with the world’s biggest retailers, who have an aggregate income of over $100 billion in yearly deals.
“The first three levels of Retail that AI will impact and transform will be the supply chain, corporate head office, and front of store,” said Stacey Shulman, Chief Innovation Officer in the Retail Solutions Division at Intel. “Combining Intel’s focus on retail, IoT and in-store devices with Rubikloud’s intelligent decision automation will further position the two companies to continue as retail AI leaders.”