Singapore-based artificial intelligence (AI) startup Advance.ai has raised USD 80 million in its Series C funding round led by Gaorong Capital and Pavilion Capital, the company announced on Friday in an official statement.
Other investors who joined in the round were Unicorn Venture, eGarden Ventures and existing investors like GSR Ventures and Vision Plus Capital.
The fresh capital will be used to drive the company’s regional expansion across Asia, as reported by KrAsia.
Founded in 2015, Advance.ai uses artificial intelligence to support businesses growth by reducing fraud risks and improving operational efficiency, serving in sectors such as fintech, banking, retail, and others. The company also provides credit scoring systems for underbanked in developing markets.
The company has over 300 enterprise customers in Singapore, Indonesia, Vietnam, the Philippines and India.
“Historically the attention and resources dedicated to AI development such as computer vision and natural language processing for Southeast Asia has been lacking,” said Jefferson Chen, co-founder and chief executive of Advance.ai in a statement to The Edge Market.
“We have been focusing on that … by bringing some of the best talents from various fields together to address the needs in this part of the world.”
Singapore has put in place policies to spur innovation and technology and its status as a regional financial centre has also helped it attract venture capital. A recent report released by Google ranked Singapore second as a smart city in Asia-Pacific after Tokyo, while Hong Kong was third, according to the perceptions of Hong Kong residents.
Meanwhile Singapore’s national AI programme, aptly named AI Singapore, was set up within the National University of Singapore and aimed at encouraging private companies and research-based institutions to develop an AI ecosystem.
“There are lots of opportunities in emerging markets like Southeast Asia right now, especially in consumer financing and retail,” Zhang Zhen, founder and managing partner of Gaorong Capital, said in a statement.
