Singapore-based Advance.AI raises $80m in Series C round

Photo: The Singapore Law Gazette

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.