Rubikloud, an artificial intelligence platform catering to retail, has announced the completion of Series B Funding, which secured $37 million. Intel Capital led the round. With the injection of resources, Rubikloud plans to grow its footprint by expanding offices in Europe and Asia.
“Rubikloud is planning greater global expansion as traditional retailers realize what’s at stake if they don’t integrate AI now,” said Kerry Liu, chief executive officer of Rubikloud. “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 platform aims to automate data integration for online analytical processing that are deploying legacy applications and data warehouses. “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. Everyone talks about AI, but the reality is you must impact a significant P&L item to get mass adoption from a retailer. Rubikloud works with the world’s largest retailers, who have collective revenue of more than $100 billion in annual sales,” said a Rubikcloud spokesman.
“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 Corp. “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.”
According to sources, Rubikloud has serviced the world’s largest perfume and cosmetic retailers, earning 111 million euros in total sales, with 12 million euros in incremental sales based on the platform.
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