Global payments processor Paypal has participated in a $5.27 million financing round for ecommerce technology firm Cloud IQ. The investment will help to enable Cloud IQ to ‘democratise’ digital marketing and enable business both large and small to deliver individual user experiences that are beneficial to both merchants and consumers.
About Cloud IQ
Cloud IQ is an AI and machine learning based automated conversion rate optimisation platform for ecommerce businesses. It was founded in London in 2012 by James Critchley and Paul Phillips and is powered by real-time data and analytics aimed at optimising the customer journey without the need to make any website changes, significantly growing online revenue. As well as their headquarters in London, the company has offices in Sydney too and has a global client list that includes Allianz, Boots, Bose, EE, Hearst Magazines, Samsung, TUI and more.
Talking about the recent partnership with Cloud IQ, Jeremy Jonker, VP, Head of Global Corporate Development at PayPal said:
“Through our recent partnership with Cloud IQ it is clear we share a common vision to improve the consumer journey“Today, Artificial Intelligence powered technology is finally able to deliver individualised consumer experiences at scale. PayPal is excited to support Cloud IQ as they bring to market solutions that improve the overall shopping experience on both web and mobile.”
James Critchley Co-founder and CEO, Cloud IQ said:
“To close this round of funding, with participation by PayPal, is testament to the momentum we are building at Cloud IQ. We are pioneering new technology which makes the internet work better for the individual, starting with eCommerce.”
Landmark Year For Cloud IQ
The funding heralds what has been a landmark year for Cloud IQ. The new funding will be used to establish a new customer service centre in Cardiff in the UK and will also fund new engineering teams and a raft of new hires. Cloud IQ’s senior management team has been boosted this year with the appointment of Nick Peart as Chief Marketing Officer and Tim Perks as Chief Financial Officer. Perks is well known in the sector, having worked previously with Baltimore, Redstone and New Voice Media. Peart brings a lot of experience too, having worked with global brands such as Clearswift, Adobe and Zendesk.
Industry commentators have been very positive about the prospects that this funding will enable.
Carles Ferrer, London-based General Partner at Nauta Capital says: “Cloud IQ’s proposition and market traction is impressive. We are excited by future products that Cloud IQ will bring to market through the opportunities created by this round of funding.”
Finance Wales, Investment Executive Carmine Circelli says: “Cloud IQ 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 continue to be able to support them in this latest funding round.”