As announced today, fintech firm Cloud.IQ has managed to rake in £4 million in Series A round led by London-based venture capital firm Nauta Capital. Also participating in the round was Finance Wales, along with existing investor Juno Capital.
Founded in 2012 and based in London, the company is a conversion rate optimization platform which makes use of AI (artificial intelligence) in order to mitigate the costs of currency conversion for e-commerce businesses.
Powered by data and analytics, the platform responds to vast data sets in real-time to action personalized customer experiences driving conversion results at scale. The cloud.IQ technology works to optimize the customer journey without needing any website changes, which in turn significantly boosts online revenue.
Customers include big names like Allianz, Boots, Bose, mobile brands EE and Samsung, Hearst Magazines, tourism service TUI, and so on. James Critchley, Cloud.IQ’s co-founder and CEO, 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.
The firm plans to use this latest inflow of capital to fuel international expansion, new product development of the cloud.IQ platform, and also to expand its senior team, all of which will enable a 0.2% conversion uplift to increase revenue by up to 10%. With regards to this, Critchley continued:
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.
He described Cloud.IQ’s AI-based platform as “unique” and said that it is “set to become fundamental in the conversion challenge that affects a multi-billion dollar market”.
Finance Wales Investment Executive Carmine Circelli added:
This is an exciting and innovative platform. 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.
