Success in the consumer industry is dependent on accurate predictions of what customers want, could want if offered, and may want in the future. Until recently, businesses could harvest vast amounts of personal data from various sources to get the information they needed to make fairly accurate predictions on what they should be offering and to whom. However, tighter restrictions and regulations [including GDPR in the EU] on data collection and storage, have made finding new ways to predict consumer interactions and behavioural signals, which comply with the new regulations, a top priority.
Some companies have had great success at doing this, most notably TikTok, whose proprietary algorithm is one of the main reasons for its success. Unfortunately for other businesses, although some information on how it works has been released, this technology has not been shared openly.
From New York, Qloo, a specialist in cultural AI, has successfully secured $25 million in Series C funding, underscoring its continued impact on the dynamic landscape of artificial intelligence. The funding round, spearheaded by AI Ventures and joined by investors including AXA Venture Partners, Eldridge, and Moderne Ventures, positions Qloo as a leader in commercialising innovative AI applications and foundational models focused on consumer taste.
Revolutionising insights with cultural AI
Qloo operates a sophisticated AI-powered insights engine, leveraging highly accurate behavioural data from global consumers. This expansive dataset comprises over half a billion attributes, encompassing consumer brands, music, film, TV, podcasts, dining, travel, and more. Qloo’s proprietary AI models discern trillions of connections among these entities, offering valuable insights for major brands such as Netflix, Michelin, Samsung, and JCDecaux. By understanding and acting on customers’ tastes and preferences without using personally identifiable information, Qloo empowers brands to enhance customer engagement and drive revenue through product innovation.
Privacy-friendly advancements in key sectors
In sectors like financial services, media and publishing, technology, and automotive, where the demand for privacy-compliant AI solutions is soaring, Qloo’s privacy-friendly advancements are particularly relevant. The company’s commitment to merging cultural knowledge with advanced AI positions it as a reliable source of truth for understanding consumer tastes and preferences.
Alex Elias, Founder and CEO of Qloo, remarks, “For over a decade, we have been committed to refining our cultural data science, and we are now entering an exhilarating phase of expansion, fuelled by the growing importance of privacy and the democratisation of AI technology.”
Enabling accessible taste analytics with Series C funding
With the latest funding infusion, Qloo is poised to democratise AI further by introducing an accessible, self-service interface later this year. This initiative aims to make consumer and taste analytics available to small and mid-sized enterprises and individuals. Qloo’s capability to make accurate taste predictions from limited data signifies a transformative shift in AI’s understanding of our world and its ability to anticipate consumer preferences.
Liza Benson, Partner at Moderne Ventures, expresses enthusiasm about Qloo’s expansion, stating, “We’re enthusiastic about supporting their expansion into new addressable markets where their unique capabilities can redefine how industries leverage AI.”
About Qloo
Qloo stands as the leading AI platform specialising in culture and taste preferences, providing anonymised consumer taste data and recommendations for major companies across various sectors. Launched in 2012, Qloo’s proprietary API predicts consumers’ preferences and tastes in diverse categories, offering valuable insights to enhance customer connections and drive real-world solutions. Qloo is also the parent company of TasteDive, a cultural recommendation engine and social community empowering users to discover personalised content based on their unique preferences.
