Singapore Fintech Startup Advance.ai Raises $80 Million
Advance.ai announced it has raised $80 million in Series C funding led by China's Gaorong Capital and Temasek's Pavilion Capital on Friday.
Other participators were Unicorn Ventures, eGarden Ventures and existing investors such as GSR Ventures and Vision Capital, according to Advance.ai's statement on Friday. Advance.ai said it will use the proceeds from the fundraising to drive expansion across Asia.
"Historically the attention and resources dedicated to AI development such as computer vision and natural language processing for Southeast Asia has been lacking," Jefferson Chen, the chief executive officer and co-founder of Advance.ai said.
Advance.ai serves more than 300 enterprise customers in five markets in Asia, providing services and products to help reduce fraud risks, the company said. It focuses on areas of banking, fintech, telecommunications and retail.
"Gaorong believes that Advance.ai will continue to help regional clients transform their traditional businesses in the AI era, and deliver more value to consumers in these emerging markets, with the capabilities and core technologies it has firmly established," Zhen Zhang, founder and managing partner of Gaorong, said in a statement today.
Advance.ai has raised $50 million in its Series B+ funding in July 2018.
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