From the Wires
Retail AI Leader Rubikloud Raises $37M in Series B Funding Led By Intel Capital
By: PR Newswire
Jan. 3, 2018 02:53 PM
Funding round enables Rubikloud to expand offices in Europe and Asia to meet existing global demand
TORONTO, Jan. 3, 2018 /PRNewswire/ -- Rubikloud Technologies Inc. (@Rubikloud) announced today that it has raised $37 million in an oversubscribed Series B financing round led by Intel Capital with new investors iNovia Capital and OTEAF participating. Existing investors Horizons Ventures and Access Industries also participated in the round. This round brings the company's total investment to $45 million to date. 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 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. So what does this mean? By deploying Rubikloud's Promotion Manager or Lifecycle Manager, retailers will see material uplifts to promotional revenue, inventory stock out rates, and loyalty revenue. The Rubikloud platform delivers automated instructions to execution layers such as the retailer's ERP, supply chain system, marketing automation tools, and in-store experiences. Everyone talks about AI, but the reality is you must impact a significant P&L item to get mass adoption from a retailer. Rubikloud currently works with the world's largest retailers, who have collective revenue of over $100b in annual sales.
"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."
Director Elana Lian led the investment for Intel Capital and will join the Rubikloud board.
Rubikloud is helping large retailers generate substantial revenue. One of the world's largest perfume and cosmetic retailers reported 111 million Euros in total sales, with 12 million Euros in incremental sales attributed to Rubikloud. They also saw 12 percent of their low loyalty customers migrate to high loyalty with machine learning-generated promotions, versus 0.4 percent with traditional promotions for the same time frame.
About Rubikloud Technologies Inc.
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SOURCE Rubikloud Technologies Inc.
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