Intel Capital leads $37M round for retail AI startup Rubikloud
Retail artificial intelligence startup Rubikloud Technologies Inc. today said it has raised $37 million in new funding.
The Series B round was led by Intel Capital and also included iNovia Capital, OTEAF, Horizons Ventures and Access Industries. As part of the deal, Intel Capital’s Elana Lian will join Rubikloud’s board.
Founded in 2013, Rubikloud offers a cloud-native machine learning platform that aims to change retail with intelligent decision-making automation using AI. The company’s two main AI applications, Promotion Manager and Customer LifeCycle Manager, automate mass promotional planning and loyalty driven marketing for customers.
Under the hood, the Rubikloud platform enables automated online analytical processing, data integration with legacy retail applications and data warehouses via a cloud-native environment. Once up and running, the platform delivers automated instructions to execution layers such as the retailer’s enterprise resource planning, supply chain system, marketing automation tools and in-store experiences. Rubikloud claims to work with the world’s largest retailers in North America, Europe and Asia, with collective annual revenue of more than $100 billion.
“Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now,” Rubikloud Chief Executive Officer Kerry Liu (pictured, left) said in a statement. “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 deal for Intel was not simply another investment alone, with both companies working more closely going forward, although they didn’t specify at what level. “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,” noted Stacey Shulman, chief innovation officer in the Retail Solutions Division at Intel.
Including the new round, Rubikloud has raised $45 million to date. The company said it would use the new funding to expand its offices into Europe and Asia.