New Funding Sees AI Startup Rubikloud’s Total Investment Soar to $45m

New Funding Sees AI Startup Rubikloud’s Total Investment Soar to $45m
New Funding Sees AI Startup Rubikloud’s Total Investment Soar to $45m
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Rubikloud Technologies is a retail artificial intelligence (AI) startup that was founded in 2013 in Ontario, Canada. So far to date, the company has secured $45m in investments, following a recent series B funding round worth $37m. New investors in the business include Intel Capital, OTEAF, and iNovia Capital. Others already invested in the startup include Access Industries and Horizon Ventures.

The new funding will allow the company to expand its operations overseas with offices in both Asia and Europe. One of Rubikloud’s latest ventures includes developing a platform that allows automated OLAP data integration with data warehouses and legacy retails applications. By enabling this service via a cloud environment, the platform is able to use AI instantly to carry out the necessary tasks.

Another great feature of the Rubikloud platform is that is can offer automated instructions to various areas including supply chain systems, the ERP, and marketing automation tools. “Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now,” says Rubikloud CEO, Kerry Liu.

“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,” Liu continued. “But as the stakes rise, legacy tech providers are falling short in developing retail AI core-applications.”

This latest round of funding was led by Intel Capital and following its large investment, Rubikloud Technologies will see Intel’s director Elana Lian join the board. “The first three levels of retail that AI will impact and transform will be the supply chain, corporate head office, and front of store,” confirmed Stacey Shulman, Intel retail solutions division’s chief innovation officer. “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.”

Already the company employs more than 50 employees and that’s expected to grow further over the next few years. The company’s two flagship AI software’s on offer are Promotion Manage and Customer LifeCycle Manager, both of which are extremely popular in the real world and what has made them onto the multi-million dollar AI corporation that they are today. With big investors and clients on board, the future’s looking bright for Rubikloud Technologies and is definitely a name you’ll be hearing more of in 2018.

 

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