Canadian retail artificial intelligence (AI) solutions developer Rubikloud Technologies (Rubikloud) has raised $37m in Series B funding round led by Intel Capital .

The round has also seen new investors such as iNovia Capital and OTEAF, along with existing investors Horizons Ventures and Access Industries .

With the latest funding, Rubikloud is reported to have accumulated a $45m investment, which will be used to expand its offices into Europe and Asia, as well as meet the growing demand for retail AI solutions worldwide.

“Combining Intel ‘s focus on retail, IOT and in-store devices with Rubikloud’s intelligent decision automation will further position the two companies to continue as retail AI leaders.”

Rubikloud CEO Kerry Liu said: “Rubikloud is planning greater global expansion as traditional retailers realise what’s at stake if they don’t integrate AI now.

“The holiday season has the potential to make or break retailers’ yearly revenue, leaving no margin of error for inventory stock-outs or disappointed loyal customers. But as the stakes rise, legacy tech providers are falling short in developing retail AI core-applications.”

Rubikloud said that it is currently working with certain retailers worldwide, who have collective revenues of more than  $100bn in annual sales.

Intel retail solutions chief innovation officer Stacey Shulman said: “The first three levels of retail that AI will impact and transform will be the supply chain, corporate head office, and front of the store.

“Combining Intel’s focus on retail, IoT and in-store devices with Rubikloud’s intelligent decision automation will further position the two companies to continue as retail AI leaders.”