An oversubscribed Series B financing round organised by Rubikloud Technologies has fetched the company $37 million which will be used for the expansion of its retail AI solutions with offices in Europe and Asia.
Rubikloud deploys AI applications to help retailers generate extensive revenue through the Rubikloud platform that enables automated OLAP data integration with legacy applications and data warehouses. Automated instructions are delivered by the platform to execution layers including ERP, supply chain system and tools related to marketing automation. Retailers who deploy Rubikloud’s Promotion Manager or Lifecycle Manager realise material uplifts to promotional revenue, inventory stock out rates, and loyalty revenue.
Kerry Liu, CEO of Rubikloud, said: “Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now. 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.”
Including the $37 million, Rubikloud has secured total of $45 million in venture financing thus far. The most recent financing round was led by Intel Capital.
Stacey Shulman, chief innovation officer in the Retail Solutions Division at Intel Corporation, said: “The first three levels of Retail that AI will impact and transform will be the supply chain, corporate head office, and front of store. 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.”