Singapore-based artificial intelligence and big data company Advance.AI has raised $80 million in its Series C funding round led by Temasek-backed Pavilion Capital and Gaorong Capital.
The round was also joined by Unicorn Venture, eGarden Ventures and existing investors like GSR Ventures and Vision Plus Capital.
According to a statement, the funds will be invested in research and development (R&D) and driving its expansion across Asia. The company uses AI technology to assist banks and other businesses in e-KYC, fraud detection, and credit scoring.
The company has over 300 enterprise customers across five Asian markets – Singapore, Indonesia, Vietnam, Philippines, and India. Its key sector focus areas are banking and fintech, telecommunications, and retail.
Advance.AI co-founder and CEO Jefferson Chen said, in a statement, “today our AI-based computer vision, fraud detection and credit scoring technologies deliver some of the best results against global industry benchmarks, and what differentiates us from others is our commitment to localisation.”
Zhen Zhang, founder and managing partner of Gaorong Capital, said: “There are lots of opportunities in emerging markets like Southeast Asia right now, especially in consumer financing and retail. With its deep roots in Southeast Asia, Advance.AI has unique advantages in regional connections and local team development, becoming a truly global company.”
Advance.AI last raised its $50 million Series B round last year from investors including ZhenFund, Provident Capital, GSR Ventures and Vision Plus Capital.





