AI company Rubikloud Technologies has raised $37 million in Series B financing round led by Intel Capital.
The other new investors are iNovia Capital and OTEAF.
Existing investors Horizons Ventures and Access Industries also participated in the round of funding for Rubikloud Technologies. Rubikloud Technologies said this round brings the artificial intelligence company’s total investment to $45 million to date.
The US-based artificial intelligence company will use the funding to expand its offices into Europe and Asia to meet demand for retail artificial intelligence (AI) solutions to the growing global market.
“Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now,” said Kerry Liu, CEO of Rubikloud.
The Rubikloud platform enables automated OLAP data integration with legacy retail applications and data warehouses. This automated integration into a cloud-native environment allows Rubikloud to deploy AI applications that impact a retailer’s bottom line.
Global retailers can deploy Rubikloud’s Promotion Manager or Lifecycle Manager to improve promotional revenue, inventory stock out rates, and loyalty revenue.
The Rubikloud platform delivers automated instructions to execution layers such as the retailer’s ERP, supply chain system, marketing automation tools, and in-store experiences.
Rubikloud currently works with the world’s largest retailers, who have collective revenue of over $100 billion in annual sales.
“The first three levels of Retail that AI will impact and transform will be the supply chain, corporate head office, and front of store,” said Stacey Shulman, chief innovation officer in the Retail Solutions Division at Intel Corporation.
A global perfume and cosmetic retailer reported 111 million euros in total sales, with 12 million Euros in incremental sales attributed to Rubikloud. They also saw 12 percent of their low loyalty customers migrate to high loyalty with machine learning-generated promotions, versus 0.4 percent with traditional promotions.