The retail industry is one that’s rife for interruption by technology. Under intense pressure from giants like Amazon and Walmart, retailers are often stuck use legacy systems and are ill-equipped to compete utilizing the latest tools. Rubikloud announced a $37 million investment today to help retailers assault the modernization problem with cloud tools built with artificial intelligence underpinnings.
The round was led by Intel Capital with participation from new investors Inovia Capital and OTEAF along with previous investors Horizon Ventures and Access Industry. Today’s investment brings the total to $47 million, according to the company.
Intel including with regard to is trying to get a foothold inside of retail where they hope to promote their Internet of Things strategy. They believe that by blending their IoT knowledge with Rubikloud’s intelligent automation and data processing, it will generate a powerful partnership. For starters, they hope to assault three areas of retail with this approach including the furnish chain, the corporate front office and inside stores themselves.
Rubikloud offers a series of SaaS products including a promotions tool and a customer lifecycle manager to help retailers offer more personalized promotions and track their customers through the entire retail lifecycle. They also offer a couple of more nuts and bolts tools including RubiCore, which is designed to help companies ingest and validate data from their existing systems and move their data into Rubikloud’s proprietary data model. Ultimately they offer RubiOne, which is a situate of machine learning tools and libraries designed to help retailers construct their own machine learning applications on top of the Rubikloud data set.
The idea is to use the applications the company has provided to help retailers improve promotions and better understand their customers, while dedicating them the ability to build their own customized applications as well.
This appears to be a solid approach, but the company is far from alone in this space as it’s vying with giants like Adobe and a host of other startups. Regardless, investors plainly liked what they ensure and have pumped in a lot of money to help in that regard.
The company plans to use the money from this round for worldwide expansion with a focus on opening offices in Europe and Asia.
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