Punchh, a firm that provides AI-based marketing solutions for retailers, said it raised $40 million in a Series C funding round and also entered an agreement with convenience store chain Casey's General Stores Inc., 

Punchh said the funding was led by Adams Street Partners and Sapphire Ventures, with participation from AllianceBernstein. 

"Punchh provides a robust digital marketing platform specifically designed to drive same-store sales for the physical retail experience," CEO Shyam Rao, told Mobile Payments Today via email. "By integrating with existing point-of-sale and e-commerce systems, Punchh collects instore and online customer data in real time to generate a 360-degree view of customers across the entire customer lifecycle."

The San Mateo, California-based company says its technology is providing insights that drive personalized experiences to customers in a similar way that Starbucks previously transformed its marketing efforts to customers with its AI-based Deep Brew initiative in 2017. 

Before expanding into convenience stores, Punchh has been heavily used by the restaurant industry, working with such names as Yum! Brands, Denny's, Vitality Bowls, TGI Fridays and other fast casual and QSR brands. 

The company previously raised $20 million in a Series B round led by Sapphire and Cervin Ventures and a $9.5 million Series A round in 2015 led by Cervin. 

Cover image: Punchh.