Rubikloud Technologies Inc said it raised about $46.5 million (US$37 million) in an oversubscribed Series B financing led by Intel Capital and joined by new investors iNovia Capital and OpenText Enterprise Apps Fund. Existing investors Horizons Ventures and Access Industries also participated.
The Toronto company, which develops decision-automation software using artificial intelligence for the retail industry, has now raised US$45 million. It will use the money to expand in Europe and Asia.
Rubikloud was founded in 2013 by Kerry Liu, the company’s CEO, in partnership with Dan Theirl and Frank Thomas. It is also backed by MaRS Investment Accelerator Fund and several angel investors.
(Correction: The amount raised by Rubikloud was updated to US$37 million from US$35 million. The updated figure was provided by Intel Capital).
Update: In a release issued after the publication of this news post, Rubikloud said Director Elana Lian led the investment for Intel Capital and will join the company’s board.
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo of Kerry Liu, co-founder and CEO of Rubikloud Technologies Inc, courtesy of Kerry Liu