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.
Rubikloud uses AI to deliver intelligent decision automation with the world's leading machine learning platform for retail. Its full-stack, cloud-native platform and two flagship applications automate and improve mass promotional planning and loyalty driven marketing for their multi-billion dollar retailers. Rubikloud targets mission-critical business problems by analyzing large amounts of data from multiple legacy sources as well as new and offline systems to empower retailers to take tangible actions with powerful results. Rubikloud is a private company with investors that include Intel Capital, Horizons Ventures, Access Industries, Inovia Capital, and OTEAF. The company has raised $45M in venture financing to date. More information can be found at www.rubikloud.ai
About Intel Capital
Intel Capital invests in innovative startups targeting 5G connectivity, the data center, artificial intelligence, merged reality, autonomous driving and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.2 billion in 1,500 companies worldwide, and more than 640 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
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SOURCE Rubikloud Technologies Inc.