Retail technology startup Rubikloud is changing retail with intelligent decision automation using Artificial Intelligence (AI). The startup currently works with some of the world's largest retailers, who have collective revenue of over $100b in annual sales.
Using AI, Rubikloud delivers intelligent decision automation with the world's leading machine learning platform for retail.
With their full stack, cloud-native machine learning platform and flagship AI applications, the Canada-based startup is helping large retailers generate substantial revenue.
However, the startup has major competition in the retail technology sector such as giants Adobe and a host of other startups. But that is not deterring investors from investing in the four-year-old startup.
Earlier this week the startup announced it received new investment from two new investors. iNovia Capital and OTEAF were a part of the $37 million oversubscribed Series B financing round led by Intel Capital with further participation from existing investors Horizons Ventures and Access Industries also.
The retail industry is ripe for technological disruption.
Traditional retailers have been put under severe pressure from giants like Amazon and Walmart, who are using cutting-edge technology to modernize the retail industry.
Traditional retailers are ill-equipped to compete using the latest tools as they are often stuck using legacy systems. They are realizing what's at stake if they don't integrate AI now so there is a high demand for retail AI solutions.
With this in mind, Rubikloud will use the latest funding for worldwide expansion particularly into Europe and Asia to meet the demand in the growing global market.
Rubikloud’s platform enables automated OLAP data integration with legacy retail applications and data warehouses. This automated integration allows Rubikloud to instantly deploy AI applications that impact a retailer's bottom line.
The retail technology startup automates and improves mass promotional planning and loyalty driven marketing for retailers with its full-stack, cloud-native platform and two flagship applications.
Retailers will see several benefits from deploying Rubikloud's Promotion Manager or Lifecycle Manager such as material uplifts to promotional revenue, inventory stock out rates, and loyalty revenue.
The Rubikloud platform delivers automated instructions for retailer's ERP (Enterprise Resource Planning), supply chain system, in-store experiences and marketing automation tools.
The combination of Rubikloud's intelligent decision automation with Intel's focus on retail, IoT and in-store devices will position the two companies to bolster their positions as retail AI leaders.
The deal will help Intel’s plan to get a foothold inside of retail with their Internet of Things strategy. They believe that the combination of their IoT knowledge with Rubikloud’s intelligent automation and data processing will generate a powerful partnership.
Intel is looking to attack the first three levels of retail that AI will impact and transform – the supply chain, corporate head office, and the supply chain, corporate head office, and the storefront.
The plan is to utilize Rubikloud’s SaaS, RubiCore and RubiOne applications to help retailers improve promotions and better understand their customers, while also giving them the ability to build their own customized applications.
SaaS products – Rubikloud helps retailers provide more personalized promotions and track their customers through the entire retail lifecycle with a promotions tool and a customer lifecycle manager.
RubiCore – helps companies ingest and validate data from their existing systems and move it into Rubikloud’s proprietary data model.
RubiOne – helps retailers build their own machine learning applications on top of the Rubikloud dataset with its set of machine learning tools and libraries.
Intel Capital invests in innovative and disruptive startups in the areas of AI, autonomous driving, 5G connectivity, the data center, merged reality, and a wide range of other disruptive technologies.
They have invested $12.2 billion in 1,500 companies worldwide. More than 640 of their portfolio companies have gone public or been acquired.