C2RO, a Montréal-based cloud robotics software platform, has raised $2.25 million in follow-on financing.
Québec early-stage venture capital firm Fonds Innovexport led the round. It was joined by GCI Capital, Harbor Street Ventures, Tandemlaunch, which incubated C2RO, Ministere de Economie et L’Innovation and angel investors.
Harbor Street led the company’s US$1.1 million seed round last year.
C2RO provides cloud artificial intelligence for smart devices to help businesses improve the experience of customers. It will use the funds raised to commercialize its product offerings.
C2RO was founded in 2016 by CTO Soodeh Farokhi and is led by President and CEO Riccardo Badalone.
Photo: Soodeh Farokhi, founder and CTO of C2RO.
C2RO Raises $2.25 M Financing to Commercialize Portfolio of Enterprise Grade Cloud A.I. Services
Montreal (Quebec) June 27, 2019 – Montreal-based C2RO today announced that it has secured CAD$2.25 Million in new financing in a round led by Fonds Innovexport, with participation from GCI Capital Inc., Harbor Street Ventures, Tandemlaunch, Ministere de Economie et L’Innovation, and several angel investors in Canada, the U.S. and Europe. The funds will be used to accelerate the commercialization of C2RO’s powerful enterprise grade cloud A.I. services.
“We led the investment in C2RO because it has an excellent execution team, a significantly expanding Tier1 customer base, and a formidable technology position in the field of real-time machine vision A.I.,” said Richard Bordeleau, President at Fonds Innovexport. “C2RO will have a tremendous impact on the industry and we want to support them through this journey.”
In June of 2018, the company introduced C2RO EngageTM, the world’s first real-time cloud based facial recognition platform. In March of 2019, C2RO augmented it’s A.I. services portfolio with PerceiveTM, a state of the art fully anonymous customer journey analysis platform and demographic classification system. EngageTM and PerceiveTM are the two key ingredients to enabling the transformation cycle that is taking place in the retail and commercial real estate industries toward highly personalized and data driven interactive smart environments. C2RO’s product offerings are fully compliant with the most stringent privacy regulations, including the EU’s General Data Protection Regulations (GDPR).
“We welcome the support of our new and existing shareholders, which will allow us to expand our current customer deployments and pursue new and exciting opportunities for our portfolio of A.I. products both here in North America and abroad,” added Riccardo Badalone, President & CEO of C2RO. “I’m am incredibly excited about our EngageTM and PerceiveTM products, which are proving themselves in the field and are allowing us to assist an increasing number of early adopters with their digital transformation objectives.”
According to Market and Markets, the global market for A.I. analytics solutions in retail and commercial real estate will exceed $5B USD by 2022 and is growing at a stunning 40% CAGR. The growth is being fueled by global retail and commercial real estate brands that are blending digital and physical assets to provide consumers with increasingly frictionless and highly personalized experiences.
About C2RO Inc.
C2RO is a Montreal based high-tech software start-up that was incubated at Tandemlaunch Inc. in 2016 and has developed a proprietary universal machine vision A.I. platform for the enterprise market. The company has introduced a portfolio of products (EngageTM and PerceiveTM) which leverage the power of the cloud while providing state-of-the-art real-time performance and precision. C2RO products are enabling the digital transformation of physical retail and commercial real estate towards a more personalized and frictionless experience for their customers. C2RO’s product offerings are fully compliant with the most stringent privacy regulations, including the EU’s General Data Protection Regulations (GDPR).
About Fonds InnovExport
Fonds Innovexport is an early-stage venture capital firm that supports the development of Quebec-based innovators seeking growth in international markets. Based in Quebec City, Innovexport is partnering with twenty-five experienced entrepreneurs, as well as the Government of Quebec represented by Investissement Québec, the Fonds Espace CDPQ de la Caisse de dépôt et placement du Québec, Desjardins – Innovatech, the Fonds de solidarité FTQ, and Fondaction CSN. They all work together to support the establishment of innovative companies with the potential of becoming global leaders.
About GCi Capital
GCI Ventures Ltd. is a Toronto, Ontario based Investment Company investing in a wide range of industries including private green and clean technology, consumer products, IT, life sciences, among others. GCI’s participation includes direct investment into companies via equity and convertible notes, as well as in global expansion through licensing and distribution joint ventures.
About Harbor Street Ventures
Harbor Street Ventures is a Chicago-based venture investment firm. Harbor Street Ventures was founded by Steve Komie and David Shulman, both with deep technology backgrounds in algorithmic trading and artificial intelligence.
TandemLaunch is a seed investor and incubator focused on creating early-stage technology start-ups in collaboration with global universities and world-class entrepreneurs.
Franco Forlini, SVP Business Operations