This additional fund will help the company reinforce its penetration in the GCC and strengthen its product portfolio
Dubai, UAE, February 26, 2018: Capillary Technologies, a leading cloud-based software solutions company that enables retailers to intelligently engage with their customers, announced the raising of approximately $20 million over the past year from its existing investors including Warburg Pincus and Sequoia Capital.
With these funds, Capillary expects to strengthen its new product development, powered by Artificial Intelligence (AI) and Machine Learning catering to the GCC and other Asian markets. The company also plans to invest behind the newly launched Consumer Goods vertical with its industry-leading solutions.
Speaking on the occasion, Mr. Aneesh Reddy, Co-founder and CEO of Capillary Technologies, said, “We have a great partnership with our investors, who continue to believe in our vision and expansion plans. More than 70 per cent of these funds would be devoted to research and development powering all our products with AI. We're also looking to further strengthen our presence in the GCC region. Apart, the funding will help us penetrate further into China and Southeast Asian markets.”
“We will soon be opening our second office in China at Guangzhou and then another at Beijing later this year. Going beyond retail, we are expanding into adjacent industry - Consumer Goods (FMCG) which has a close affinity to retail. We are well poised with our solutions and innovations to help the consumer goods brands reach and effectively engage with their customers (retailers) and end consumers through digitization,” he added.
Commenting on the investment, Mr. Vikram Chogle, Warburg Pincus, said, “There were two key elements of the opportunity that caught our attention at the time of Warburg Pincus' first investment in Capillary - the ability to back a talented and passionate entrepreneur in Aneesh, and the core Capillary product's capacity to deliver a superior value proposition to a customer base with an unmet need. Since Warburg Pincus' initial investment, Capillary has established a clear leadership position in the market and emerged as a preferred partner for brands and retailers throughout the region. We are pleased to continue to be a part of the Company's journey as the team further scales the business.”
In less than 10 years, Capillary's cutting-edge solutions have been used by more than 300 marquee brands across 25,000 stores in over 30 countries to enable easy and seamless consumer experiences.