An Indonesia-based startup, Eureka AI has recently announced that it has raised US$20 million in its Series B funding round. The event also saw the participation of companies like Apis Partners, Gobi Partners, the Riyad Taqnia Fund, and MEC Ventures.
Some of the other companies that participated in the round were SG Innovate, GDP Ventures, Pacific Bridge, and Cianna Capital. These are the companies that joined the list of existing investors including SoftBank, PPF Home, Credit, and East Ventures.
Eureka AI was established in 2017 and has developed an AI enterprise software platform called ‘Spectrum’ that organizes mobile data to deliver actionable intelligence at scale. Its products include audience, risk, mobility, market intelligence, and activation. It caters to industries like banking, insurance, transportation, fast-moving consumer goods, and telecommunications.
The startup plans to channelize the fresh funds into supporting its plans to expand in the international market of Europe and Asia along with further developments of its product portfolio.
On the fundraising round, managing partner at Apis, Udayan Goyal, said: “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.”
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