Eureka AI closes US$20M Series B investment round to fund global expansion
Eureka, an AI enterprise software platform powering mobile operator and enterprise partnerships as well as telco analytics has closed its Series B fundraising round.
In support of the company’s global expansion, the round was co-led by leading investors from around the world: a venture insurtech fund managed by Apis Partners (headquartered in London), Gobi Partners (headquartered in Kuala Lumpur), the Riyadh TAQNIA Fund (headquartered in Riyadh) and MEC Ventures (headquartered in Beijing and Bahrain). Other investors that participated in the round included SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital. They join existing investors in the company that include Softbank, PPF Home Credit, and East Ventures.
Eureka has built a proprietary AI enterprise software platform, Spectrum, that organizes mobile telecom data to deliver actionable intelligence. It enables enterprises in industries including banking, insurance, transportation, and FMCG to partner with mobile operators to deliver better services to their customers and acquire millions more. At present, Eureka is deploying on operators across Southeast Asia, India, and the Middle East on a collective mobile subscriber base of over one billion customers; it is now expanding into Europe and the United States. In 2019 Eureka was recognised as a World Economic Forum Technology Pioneer and is a member of Start Path, Mastercard’s award winning later stage, startup engagement program.
Eureka CEO Benjamin Soemartopo said, “We are excited to have a leading global group of institutional investors join us in our mission to help mobile operators partner with enterprises. Mobile operators provide the infrastructure for the digital economy, and partnerships with enterprises will enable both to better serve their customers. Our new investment partners will help us both deliver in our current markets, and complete our global footprint.”
Apis Managing Director, Jin Jeong, commented, “We are really excited about the investment in Eureka. Mobile operators today face twin pressure from pricing pressure and rising costs, whilst facing a shortage of data scientists. By leveraging products on Eureka’s platform, enterprise clients of mobile operators can offer more relevant and personalized services to their customers.”
Dan Chong, Gobi Partners’ Managing Director of ASEAN, said, “At Gobi, we are always seeking out companies that are connecting people, enterprises, and countries with their business. Eureka’s innovative platform with its global reach fits our strategy of bridging and investing in underserved markets, particularly those that lie in Southeast Asia and the Middle East.”
“We are very excited to bring Eureka to the Middle East,” said RTF Vice President, Ivo Detelinov. “Our investment, along with our GCC-wide network, will help Eureka roll out its flagship credit score product across the region. This would create untapped revenue streams for financial institutions and provide financial products to customers who previously were unable to access them due to the lack of a credit score.”
“By mining alternative data sources that are currently vastly underutilized, we believe Eureka provides a critical layer of infrastructure that will enable the optimized digitization of financial services and advertising in the Middle East.” said Ben Harburg, Co-Managing Partner, MEC Ventures.
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