Rubikloud announced a $37 million investment led by Intel to help retailers use artificial intelligence to compete in the big leagues

Rubikloud, a software startup based in Toronto, announced a $37 million investment to help retailers compete in the big leagues with the likes of Walmart or Amazon, with the help of artificial intelligence. Through a partnership with Intel, the companies are combining Intel's IoT know-how with Rubikloud's intelligent automation. Other investors include Inovia Capital, OTEAF, Horizons Ventures and Access Industries.

The products they're hoping to develop will focus on three areas of retail: the supply chain, the corporate front office and inside the actual stores. Rubikloud already provides a few different software solution tools designed to help retailers track their customer's buying behaviors and organize, analyze and input data. It also has a product, RubiOne, which allows users to build their own machine learning applications using Rubikloud's data set as the foundation.

The hope is to allow retailers to use these tools to learn more about their customers, offer better promotions and customize their own apps according to specific needs and market niches. The new investment will allow Rubikloud to embark on its worldwide expansion, opening offices in Europe and Asia.

Rubikloud isn't the only one investing in cloud-based software to modernize retailers. Plenty of tech suppliers want a piece of the retail market, as data tracking, AI and other upgrades are becoming increasingly necessary for traditional retailers to survive.

Rubikloud


Lead Image: Alex Iby | Unsplash

Rubikloud, a software startup based in Toronto, announced a $37 million investment to help retailers compete in the big leagues with the likes of Walmart or Amazon, with the help of artificial intelligence. Through a partnership with Intel, the companies are combining Intel's IoT know-how with Rubikloud's intelligent automation. Other investors include Inovia Capital, OTEAF, Horizons Ventures and Access Industries.

The products they're hoping to develop will focus on three areas of retail: the supply chain, the corporate front office and inside the actual stores. Rubikloud already provides a few different software solution tools designed to help retailers track their customer's buying behaviors and organize, analyze and input data. It also has a product, RubiOne, which allows users to build their own machine learning applications using Rubikloud's data set as the foundation.