The consumer industry's success is predicated on making accurate forecasts about what people want, could want if offered, and may want in the future. Until recently, companies were able to collect huge volumes of personal data from multiple sources to make fairly precise predictions about what they should offer and to whom. However, tighter regulations and rules on data collection and storage [including GDPR in the EU] have made finding novel ways to forecast customer interactions and behavioural indications that comply with the new regulations a key objective.
Some firms have had significant success with this, most notably TikTok, which owes its success in large part to its proprietary algorithm. Unfortunately for other firms, while some information on how it works has been disclosed, this technology has not been made public.
Qloo, a cultural AI specialist based in New York, has raised $25 million in Series C funding, highlighting its ongoing impact on the dynamic environment of artificial intelligence. The fundraising round, led by AI Ventures and joined by investors such as AXA Venture Partners, Eldridge, and Moderne Ventures, establishes Qloo as a market leader in commercialising novel AI applications and fundamental models based on consumer preferences.
Revolutionising insights using cultural AI
Qloo runs a powerful AI-powered insights engine that uses very accurate behavioural data from worldwide consumers. This massive dataset has almost half a billion variables, including consumer goods, music, cinema, television, podcasts, restaurants, travel, and more. Qloo's patented AI models identify trillions of links between these entities, providing important insights to major businesses such Netflix, Michelin, Samsung, and JCDecaux. Qloo enables brands to increase consumer engagement and profitability through product innovation by learning and acting on their tastes and preferences without utilising personally identifying information.
Privacy- friendly
Qloo's privacy-friendly developments are especially significant in industries such as financial services, media and publishing, technology, and automotive, where demand for privacy-compliant AI solutions is on the rise. The company's commitment to combining cultural expertise with advanced AI establishes it as a trustworthy source of information for understanding customer likes and preferences.
Alex Elias, founder and CEO of Qloo, said "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.”
About Qloo
Qloo is the premier AI platform focusing on cultural and taste preferences, providing anonymized consumer taste data and suggestions to major companies across various sectors. Qloo's proprietary API, launched in 2012, forecasts consumer preferences and interests across multiple categories, providing important insights to improve customer connections and develop real-world solutions. Qloo is also the parent business of TasteDive, a cultural recommendation engine and social community that allows users to discover tailored content based on their own likes.
