Cloud software firm Tulip retail, which provides a suite of mobile applications for store associates in retail environments, has raised $ 40 million in his last round. The round was led by US venture capital firm Kleiner Perkins Caufield & Byers.

During its four years in business, Toronto-based Tulip has expanded its customer list to include retail chains such as Saks Fifth Avenue, Toys r us and Coach, among others.

The company’s mobile app allows retailers to access select in-store services, including assisted selling, company online and in-store inventory verification, mobile payment, and customer communication. Tulip enables physical stores to better compete with online retailers such as Amazon because it gives them a digital presence during the in-store experience.

“For the first time, very large retailers, who are traditionally very slow to change, are embracing new technologies and new ways of selling in ways we have never seen before,” Ali Asaria told Reuters, CEO of Tulip Retail, “and we are a big part of it.”

Tulip plans to open an overseas office in response to growing demand in international regions such as Asia, Europe and South America.

Although Tulip has seen its sales quadruple in the past year and projects continued sales growth, the cloud-based software company has no plans to be acquired. Asaria told Reuters it hopes to launch an initial public offering (IPO) by 2022 or 2023.

Earlier this year, Tulip entered into a strategic partnership with the behavioral marketing platform SmarterHQ to offer in-store staff who use Tulip additional access to customer insights based on their activity on the stores’ sites. Tulip aimed to integrate SmarterHQ technology into Tulip Retail’s mobile application so that store associates could access customer activity in both online and offline channels and integrate that data into customer profiles.

The data available to store associates between Tulip and SmarterHQ was intended to allow store associates to better personalize product recommendations.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.