Rubikloud, a Canada-based developer of big data technology for retailers, closed a $7m series A round today backed by several corporate investors.
The round was co-led by TOM Group, a joint venture between conglomerates Cheung Kong Holdings and Hutchison Whampoa, and Ule, the Chinese e-commerce platform launched by TOM Group and state-owned postal service China Post, according to TechCrunch.
US-based conglomerate Access Industries and a group of unnamed angel investors also participated in the round.
Founded in 2013, Rubikloud aims to help online retailers use big data to boost their sales by understanding consumer behaviour and applying data analytics to improve conversion rates.
The company has already signed up a group of retailers focused in the fashion, health and beauty verticals that together generate about $25bn in annual sales. It plans to spend the series A capital on doubling its product and engineering efforts and growing its customer base.
Horizon Ventures, the investment arm of Cheung Kong founder and chairman Li Ka-Shing, previously led Rubikloud’s $1m seed round in 2013, which included Mars Investment Accelerator Fund and undisclosed angel investors.