Rubikloud Technologies Inc. has raised US $37 million in Series B funding led by Intel Capital with participation of new investors, iNovia Capital and The OpenText Enterprise Apps Fund (OTEAF), and existing investors, Horizons Ventures and Access Industries.
Director Elana Lian led the investment for Intel Capital and will join the Rubikloud board.
The new round brings the total funding to US $45 million.
Rubikloud Technologies raised US $7 million in 2015 in an oversubscribed Series A led by TOM Group (HKSE: 2383) and Ule with participation from Access Industries and other private investors. The company closed its seed round led by Horizons Ventures, a private investment arm of Li Ka-Shing.
Toronto based Rubikloud uses AI to help retailers transform their organization from the mass market into customer centric leaders. The Rubikloud platform enables automated OLAP data integration with legacy retail applications and data warehouses. This automated integration into a cloud-native environment allows Rubikloud to instantly deploy AI applications that impact a retailer’s bottom line. Rubikloud currently works with the world’s largest retailers, who have collective revenue of over $100b in annual sales.
Rubikloud will use the latest funding to expand its offices into Europe and Asia to meet demand for retail artificial intelligence (AI) solutions to the growing global market.
“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.”
“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 Corporation. “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.”