A Toronto-based startup which helps retailers boost their revenue through the effective management of data has raised $7 million in Series-A funding.
In a private investment round led by TOM Group and Ule, Rubikloud Technologies brought its total funding over the last 12 months up to $8.5 million. Part of the new cash injection will go towards expanding the company’s engineering and data science team - a vital area of a business which prides itself on being able to collect retailer data for use in a variety of scenarios.
The firm claims that it will be announcing a number of customer and industry partnerships over the coming months as more retailers move over to the world of omni-channel shopping.
Putting data first
Rubikloud’s core expertise is in helping retailers to gather and analyse the rich banks of data they have at their disposal in order to drive revenue. Any useful information can then be applied in a range of situations, allowing retailers to enhance their efforts in marketing, customer experience and price optimisation among others.
The company claims that such services are ideal for retailers looking to become “big data ready” amid the explosion of omni-channel shopping models.
Rubikloud had only raised $1.5 million before this week’s investment round, but Kerry Liu, the company’s co-founder and CEO, is keen to make up for lost time.
“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,” she commented.