Qloo raises $15 million
Qloo, a NY-based company helping brands predict culture and taste preferences of consumers, has raised $15 million in Series B funding from Eldridge and AXA Venture Partners, bringing its total funding to $30 million.
Founded in 2012, Qloo “pioneered the predictive algorithm ‘as a service’ model,” using AI technology to help brands analyze anonymized and encrypted consumer taste data to provide recommendations based on a consumer’s preferences. Its flagship API works across multiple layers to process and correlate over 575 million primary entities (such as a movie, book, restaurant, song, etc.) across entertainment, culture, and consumer products, giving “the most accurate and expansive predictions” of consumer taste based on demographics, preferences, cultural entities, metadata, and geolocational factors.
Qloo’s API can be plugged directly into leading data platforms such as Snowflake and Tableau, helping companies to improve product development, media buying, and consumer experiences.
“Before Qloo, consumer taste was really only examined within the silo of a certain app or service – which made it impossible to model a fuller picture of people’s preferences. Qloo is the first AI platform that takes into account all the cross-sections of our preferences – like how our music tastes correlate to our favorite restaurants, or how our favorite clothing brands may lend themselves to a great movie recommendation.” – Alex Elias, founder and CEO of Qloo.