Rubikloud Secures $37 Mn in Series B Funding to Bring AI into Retail

Published By : 04 Jan 2018 | Published By : QYRESEARCH

The retail industry has witnessed some paradigmatic changes in recent years, harnessed by the advent of disruptive technologies based on smart automation, artificial intelligence (AI), and cloud. While massive players with the likes of Walmart and Amazon have been at the forefront, substantial investments have been coming through large funding rounds in emerging markets led by software companies. Rubikloud Technologies Inc., a Toronto-based software company, announced on January 3, 2018 that it has raised US$37 million in Series B funding. The financing round is led by Intel Capital and includes participation from new venture capitalist firms OTEAF and Inovia Capital, also joined in by the existing ones, namely, Access Industries and Horizons Ventures. According to the Rubikloud, with this the total funding secured in Series B financing totals to $47 million.

Funding to help Rubikloud Expand Asia and Europe Markets

The new funding will be used to offer retailers with cloud-based tools and help them in automating decisions pertaining to marketing and promotional strategies across a large number of stores world over. This will also help retailers gain better insights into their customers and design personalized solutions. The company getting a stronghold in the retail AI space with its intelligent automation solutions will use a part of this funding to consolidate its presence over to Asia and Europe retail markets.

Latest Investment to help Intel Sharpen its Focus on IoT in Retail

Of note, with this partnership, Intel hopes to leverage the potential of its IoT competencies, in-store devices, and sensors with intelligent automation and data processing solutions offered by Rubikloud. The latter company is known for cloud-native platforms, notably SaaS, to combine smart decision automation with machine learning platform aimed at the retail industry.

A number of investors have joined in to get a better foothold in the global retail industry and starters are focusing on innovative approaches facilitating transition of retail players from legacy infrastructure to cloud and IoT network. There have been some notable partnerships and collaborations in this space, with an aim to impact the various levels of retail modernization programs. With stalwarts like Adobe Systems already in the game, more investments in Asia and Europe markets will surely raise the ante in the retail industry.

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