Qloo Raises $25M to Advance AI-Driven Taste Prediction
With the new funding, Qloo aims to democratize access to AI by introducing a self-service interface later this year.
Qloo, a leading provider of cultural AI solutions, has secured $25 million in Series C funding, highlighting its ongoing commitment to advancing AI technologies. The round was led by AI Ventures, with participation from AXA Venture Partners, Eldridge, and Moderne Ventures.
Founded in 2012 by Alex Elias and Jay Alger, Qloo aims to uncover nuanced consumer behaviors across various segments such as entertainment, fashion, travel, sports, and food. Qloo combines machine learning, neuroaesthetics research, and vast taste data pipelines to provide actionable insights to its clients. Through its API, Qloo enables companies to better understand and connect with their target customers, driving sales, optimizing media buys, and enhancing brand building efforts.
Qloo specializes in leveraging sophisticated AI algorithms to analyze vast amounts of behavioral data from consumers worldwide. This data encompasses over half a billion attributes across various domains such as consumer brands, music, film, TV, podcasts, dining, and travel. By identifying trillions of connections between these entities, Qloo assists major brands like Netflix, Michelin, Samsung, and JCDecaux in understanding and leveraging consumer tastes and preferences effectively.
Crucially, Qloo's approach prioritizes privacy, ensuring that all insights are derived without the use of personally identifiable information. This privacy-friendly stance is particularly pertinent in sectors such as finance, media, technology, and automotive, where demand for compliant AI solutions is growing rapidly.
Alex Elias, Founder and CEO of Qloo, emphasized the company's commitment to merging cultural knowledge with advanced AI to provide reliable consumer insights. He highlighted the importance of privacy and the democratization of AI technology in driving Qloo's expansion.
With the new funding, Qloo aims to democratize access to AI by introducing a self-service interface later this year. This initiative will enable small and mid-sized enterprises, as well as individuals, to leverage Qloo's consumer and taste analytics effectively. Moreover, Qloo's expertise in making accurate predictions from limited data sets promises to revolutionize AI's understanding of consumer preferences.
Liza Benson, Partner at Moderne Ventures, expressed enthusiasm for supporting Qloo's expansion into industries like real estate, finance, and insurance. She underscored the company's role as a pioneer in AI-driven consumer taste prediction and its potential to address real-world challenges across various sectors.
Qloo intends to expand its team from 50 to over 100 employees by the end of the year and pursue strategic acquisitions. The company's acquisition of TasteDive in 2019 signifies its focus on expanding its capabilities and strategic footprint in the market. With the new capital infusion, Qloo is poised to further solidify its position as a leader in AI-driven taste prediction and cultural insights.
