Cloud-based software solutions company, Capillary Technologies has raised approximately $20 million over the past year from its existing investors, which includes PE firm Warburg Pincus and venture capital firm Sequoia Capital, the company said in a statement on Wednesday.
It will reportedly use the fresh round of funding to strengthen its new product development, powered by artificial intelligence and machine learning catering to Asia and other upcoming emerging markets. The firm also said it will also invest money to build software for customers under its newly launched consumer goods vertical.
Aneesh Reddy, Co-founder and CEO, Capillary Technologies, said in a statement that more than 70 per cent of these funds would be used to fund AI and machine learning products.
The firm will also use the fund to strengthen its presence in China and Middle East besides penetrating further into Southeast Asia.
Capillary plans to open its second office in China this year. “We will soon be opening our second office in China at Guangzhou and then another at Beijing later this year. Going beyond retail, we are expanding into adjacent industry – Consumer Goods (FMCG) which has a close affinity to retail. We are well poised with our solutions and innovations to help the consumer goods brands reach and effectively engage with their customers (retailers) and end consumers through digitization,” Reddy added.
Commenting on the investment, Vikram Chogle, Warburg Pincus, said, “Since Warburg Pincus’ initial investment, Capillary has established a clear leadership position in the market and emerged as a preferred partner for brands and retailers throughout the region. We are pleased to continue to be a part of the Company’s journey as the team further scales the business.”
Till date, the company has raised more than $100 million in funding, including the current round of funding, according to a report.
As of now, the firm’s technology have been used by more than 300 brands across 25,000 stores in over 30 countries including Walmart, Pizza Hut, KFC, Starbucks.
