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Retail AI startup Rubikloud raises $37m in series B funding

RBR Staff Writer Published 04 January 2018

Retail artificial intelligence (AI) firm Rubikloud Technologies has raised $37m in series B funding round led by Intel Capital along with other investors such as iNovia Capital and OTEAF.

The funding brings Rubikloud's total investment to $45m to date.

Existing investors including Horizons Ventures and Access Industries have also invested in the company.

The funding round allows Rubikloud to expand offices in Europe and Asia to meet current global demand.

Rubikloud has been developing a platform that enables automated OLAP data integration with legacy retail applications and data warehouses.

The automated integration into cloud-native environment allows the platform to deploy AI applications instantly. And, these AI-based applications are claimed to witness material uplifts to promotional revenue, inventory stock out rates and loyalty revenues.

The Rubikloud platform can offer automated instructions to execution layers such as the retailer’s ERP, supply chain system, marketing automation tools and in-store experiences.

Rubikloud CEO Kerry Liu 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.”

Intel Capital director Elana Lian had led the investment in Rubikloud and she will join the Rubikloud board.

Intel retail solutions division's chief innovation officer Stacey Shulman 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.”

Image: Intel Capital leads series B funding in Rubikloud Technologies. Photo: Courtesy of nuchylee/FreeDigitalPhotos.net.