Capillary Technologies on Wednesday announced the raising of approximately $20 million over the past year from its existing investors, including Warburg Pincus and Sequoia Capital.
The cloud-based software solutions start-up uses artificial intelligence to enable top retailers such as Walmart, Starbucks and Dubai-based Al-Futtaim, to smartly engage with customers.
With these funds, Capillary expects to strengthen its new product development, powered by AI and Machine Learning catering to Asia and other upcoming emerging markets. The company said it plans to invest in the newly-unveiled Consumer Goods vertical with its solutions.
“More than 70% of funds would be [spent] on AI and machine learning products,” said Aneesh Reddy, co-founder and CEO of Capillary Technologies. “We have a 25-member team for it. We are also funding a research team at IIT-Kharagpur.” The firm would use the fund to strengthen its presence in China and the Middle East, besides expanding in Southeast Asia.
The firm said it would open its second office in Guangzhou in China and another one in Beijing later this year.
