Customer marketing solutions provider for physical retailers Punchh has completed a series C funding round by raising $40m.

The funding round was led by Adams Street Partners and Sapphire Ventures. It also saw the participation of AllianceBernstein.

Following the investment, Adams Street Partners Robin Murray will be added as a member to Punchh’s board.

Punchh will use the funding to enhance its artificial intelligence (AI) capabilities as part of its plan to expand the business to convenience stores and physical retail segments.

Punchh CEO Shyam Rao said: “Consumers expect ubiquity of experiences online and off. In-store retail remains extremely popular and is one of the most powerful relationship-building channels ever created. However, ecommerce has changed expectations for personalisation so dramatically that marketers need to incorporate AI in order to remain competitive.

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“Our platform gives retailers an unparalleled understanding of how customers engage with their brand in the real world, along with the ability to use that understanding to create AI-powered experiences that keep customers coming back for more.”

Punchh marketing platform integrates with the existing point-of-sale and ecommerce systems to transform digital brick-and-mortar retail experience.

Retailers and brands can apply Punchh’s AI capabilities to in-store and online customer data in real-time to offer personalised experience to customers.

Punchh’s solutions are currently used by 200 global enterprise brands in over 93,000 retail locations across the globe including Yum! Brands, Denny’s and Casey’s.

Earlier this year, Punchh launched Predictive Customer Lifetime Value (PCLV), a solution built specifically for the physical retail industry.