Canada-based retail analytics software developer Rubikloud Technologies raised $37m on Wednesday in an oversubscribed series B round led by Intel Capital, the corporate venture capital subsidiary of semiconductor maker Intel.
OpenText Enterprise Apps Fund, a corporate venturing vehicle for enterprise software provider OpenText, also took part in the round, as did diversified conglomerate Access Industries and VC firms iNovia Capital and Horizons Ventures.
Founded in 2013, Rubikloud has built a cloud-based data analytics platform for retail businesses that uses machine learning and artificial intelligence to offer features such as customer behaviour analysis and discount forecasting.
Rubikloud intends to use the proceeds from the round, which boosted its total funding to $45m, to open offices in Europe and Asia. Elana Lian, an investment manager at Intel Capital, will join Rubikloud’s board of directors in connection with the round.
The company received $7m in a 2015 series A round co-led by Tom Group, a joint venture between conglomerates Cheung Kong and Hutchison Whampoa, and Ule, an e-commerce venture between Tom Group and state-owned postal service China Post.
Access Industries also participated in the series A round along with undisclosed additional investors. Horizons led the company’s $1m seed round in 2013 with contributions from the Ontario state-backed Mars Investment Accelerator Fund and unnamed angel investors.
Stacey Shulman, chief innovation officer for retail solutions at Intel, said: “Combining Intel’s focus on retail, internet-of-things and in-store devices with Rubikloud’s intelligent decision automation will further position the two companies to continue as retail AI leaders.”