AI platform secures £4 million in Series A investment
Cloud.IQ, a conversion rate optimisation platform for e-commerce businesses, has announced that it’s raised £4 million in Series A investment.
It was led by London-based fund Nauta Capital and advised by Armada Ventures. Finance Wales also participated in the round, alongside existing investors Juno Capital.
This latest investment round will help the company accelerate growth, international expansion and product development of its new artificial intelligence platform.
CloudIQ has developed a fully autonomous artificial intelligence (AI) platform that uses machine learning to enable e-commerce business to increase revenue at reduced costs.
The platform is powered by data and analytics, and it works with complex datasets to enable personalised customer experiences. CloudIQ works with brands such as Samsung, EE and TUI.
As well as investment from Finance Wales, the company has just opened a new office in Cardiff and has made a string of hires. The firm’s CEO was also educated at Swansea University.
James Critchley, co-founder and CEO of cloud.IQ, said: “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.”
He said that this investment shows there’s a need for his platform and that it’ll help his company expand right around the globe, taking on new staff and clients.
“This funding will fuel our international expansion with global partners, make key senior hires and fast-track our product roadmap,” he said on the announcement.
“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.”
Carles Ferrer, general partner at Nauta Capital, said: “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/”
“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.”