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 preferen
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