On Wednesday, Capillary Technologies, a cloud-based solutions startup for the retail sector, unveiled the raising of nearly $20 million from existing investors such as Sequoia Capital and Warburg Pincus over the previous year.
The company utilizes artificial intelligence (AI) to allow retailers such as Dubai-based Al-Futtaim, Starbucks, and Walmart among many others to engage with their clients in a smart way.
Through financing, Capillary Technologies intends to reinforce its new product development, which is powered by machine learning and artificial intelligence.
The company provides its solutions to both Asia and other emerging markets.
Capillary Technologies’ co-founder and chief executive officer, Aneesh Reddy said that over 70% of the funds raised would be utilized in developing its machine learning and AI products.
He also emphasized that the company has a 25-member team to handle the task. Furthermore, Reddy asserted that Capillary Technologies has been financing a research team based at IIT-Kharagpur.
Aside from venturing deeper into Southern Asia, Capillary Technologies intends to use its recently raised funds to attain more presence in both the Middle East and China.
For this reason, the company revealed its intentions to open a second office in China, particularly in Guangzhou and another one in Beijing in the course of the year.
In addition, Capillary Technologies unveiled its plans to invest its cloud-based software solutions in the newly introduced consumer goods vertical.
The company’s CEO, Aneesh Reddy, acknowledged the outstanding partnership Capillary Technologies shares with its investors.
According to him, they have continuously believed in the firm’s expansion plans and vision. Since its inception in 2008, Capillary Technologies has raised nearly $100 million including the current $20 million financing by its existing investors.
IIT-Kharagpur graduates including Ajay Modani, Krishna Mehra, and Aneesh Reddy founded Capillary Technologies in India to solve the main problems faced by the local retailers.
In fact, its innovation, which aids retailers in comprehending customer purchase behavior using artificial intelligence, later helped to identify market opportunities in other nations.
According to the Principal of Warburg Pincus, Vikram Chogle, since the company’s first investment, Capillary Technologies has persistently strived to position itself as a clear market leader.
In turn, this effort has propelled the cloud-based software solutions firm to emerge as the ideal go-to partner for numerous retailers and brands across the region.
Citing such achievements, VikramChogle expressed his excitement on behalf of Warburg Pincus to continue working closely with Capillary Technologies as it further expands the enterprise.
Since its launch, Capillary’s technology has been utilized by over 300 main brands spread out across 25, 000 stores in more than 30 nations to provide flawless customer experiences.
Some of the brands that have significantly benefited from the company include Puma, Bata, Giordano and Pizza Hut just to mention a few. In the next three years, Capillary Technologies expects to attain a whopping revenue of $100 million.
What’s more, remarks by Aneesh Reddy hinting the future expansion of Capillary Technologies into Consumer Goods (FMCG) shows the company’s undeniable commitment to growth and success.