Toronto-based Rubikloud Technologies unveiled a $37 million USD oversubscribed Series B funding 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 funding unlocks the company’s expansion plans for offices in Europe and Asia to meet existing global demand for retail-oriented AI solutions. Rubikloud’s CEO Kerry Liu addressed how retailers need to think about AI now or risk losing ground with competitors.
“Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now,” said Liu.
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. This could mean making sure there is enough stock to meet holiday demand or simply ensuring access to products for loyal customers.
Rubikloud currently works with the world’s largest retailers who have collective revenues of over $100 billion in annual sales. The Toronto company’s customers partners Microsoft and the A.S. Watson Group. In one example, Rubikloud’s technology helped a perfume and cosmetic retailer obtain close to 10 per cent more revenue one year, accounting for a 12 million Euro boost.
AI is a massive industry that many retailers are leveraging to increase sales and personalization, and Rubikcloud allows companies to bring their platforms and offerings up to date. The company uses AI to deliver intelligent decision automation with a leading machine learning platform for legacy retailers as well as data warehouses.
“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, CIO of 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 Rubikloud’s board.
This round brings the company’s total investment to $45 million to date following a $7 million Series A in 2015. Rubikloud has also been included in prestigious technology rankings like the CIX Top 20 and Deloitte’s Technology Fast 50.