Rubikloud Technologies announced today that it has raised $7 million in an oversubscribed Series A financing round, bringing the total investment in the last 12 months to over $8.5 million.
Following last year’s seed round led by Horizons Ventures—a private investment arm of Mr. Li Ka-Shing—this round is led by TOM Group and Ule, with participation from Access Industries and other private investors.
Rubikloud, a participating company in our upcoming Tech Fest Toronto, is planning to announce major customer and industry partnerships in the coming months. This round will be used to expand the core engineering and data science team, and the expansion of customer reach in North America and China.
SEE ALSO: Extracting Real Value from Big Data, Rubikloud Uses Analytics to Boost Profits of Retailers
The Rubikloud platform processes, cleans, and models important data for retailers, turning data into an asset in real time. Rubikloud’s global retail customers currently generate over $25 billion in annual sales. While e-commerce has been the fastest growing revenue segment for retailers for over a decade, the ability to process and understand their data across online and offline channels has become a technically challenging and arduous process.
Rubikloud simplifies the tedious process of grabbing and connecting data from numerous sources, and pushes the most critical insights to retailers directly, significantly reducing the time needed to wait for a consultant’s analysis. Moreover, large omni-channel retailers can avoid the high costs of building in-house multi-channel data solutions and hiring expensive retail consultants.
“Omni-channel retailers are waking up to the fact that the future of retail will be data driven. If they don’t understand their customer across all their channels, they will become obsolete or lose their brand recognition and loyalty. We have seen tremendous customer growth in North America and Asia, and this round will allow us to double down on our product and customer efforts,” said Kerry Liu, co-founder and CEO of Rubikloud.