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Artificial Intelligence Platform Cloud.IQ Secures GBP£4M Funding To Build On 100% Growth and Global Expansion London, 9th March 2017 – Cloud.IQ, the conversion rate optimisation platform for e-commerce, announces a GBP£4M Series A funding round, led by London based pan European fund Nauta Capital and advised by Armada Ventures. Finance Wales also participated in the round, alongside existing investors Juno Capital. This latest investment round enables cloud.IQ to continue its rapid growth, international expansion and fuel new product development of the cloud.IQ platform, through which a 0.2% conversion uplift can increase revenue by up to 10%. Cloud.IQ’s fully autonomous artificial intelligence (AI) platform uses machine learning to enable e-commerce business to significantly increase revenue, at greatly reduced costs. Powered by data and analytics, the platform responds to vast data sets in real-time to trigger personalised customer experiences driving optimum customer conversion results at scale, to deliver huge profits for brands including Samsung, EE and TUI. “E-commerce technology has only recently converged to enable highly personalised, scalable and automated customer conversion solutions. Our platform provides a game-changing solution against the rising cost of acquisition, so a focus on conversion makes much more financial sense.” “This round signifies the market relevance that our AI-powered machine learning technology delivers - it means any e-commerce business can dramatically increase revenue with minimal effort and cost, " says James Critchley, co-founder and CEO of cloud.IQ. "This funding will fuel our international expansion with global partners, make key senior hires and fast-track our product roadmap.” “We’re extremely impressed by cloud.IQ’s SaaS licence revenue that is growing at over 100% per annum. Not only does this funding boost momentum to maintain and expedite the company’s future growth, but the AI-based platform cloud.IQ has built is unique and set to become fundamental in the conversion challenge that affects a multi-billion dollar market” points out Carles Ferrer, London based General Partner at Nauta Capital, who led this investment round. “This is an exciting and innovative platform, ” added Finance Wales Investment Executive Carmine Circelli. “The team at cloud.IQ are ambitious and are on a high growth trajectory and we’re pleased to be able to support them with their latest funding round.” |
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