<article>Indonesian media startup Katadata has announced raising an undisclosed amount of funding in a round led by <a href="https://www.dealstreetasia.com/tag/East-Ventures">East Ventures</a>.</article>

Indonesian media startup Katadata has announced raising an undisclosed amount of funding in a round led by <a href="https://www.dealstreetasia.com/tag/East-Ventures">East Ventures</a>.
The round was joined by existing investors Emerging Media Opportunity Fund (EMOF) and Lin Che Wei, a prominent financial and public policy analyst in Indonesia, according to an official release.
Katadata covers economic and business stories supported by data and analysis. According to its co-founder and CEO Metta Dharmasaputra, the fresh funding will be used for developing a new data offering using machine learning.
“By utilizing machine learning technology in our data system, we are able to generate in-depth news and data-based analysis which can assist business people, government and other stakeholders in a better decision-making. We are planning to launch this new product-based data by the end of the year,” he said.
The new funding is the third closed by the startup in four years. Its previous funding round was completed in two phases – the first in 2014 and the second in September last year. The backers of the round were Lin Che Wei, who is also a co-founder of Katadata, and EMOF, which is managed by Media Development Investment Fund (MDIF), a New York-based not-for-profit organisation that has provided $163 million to help finance more than 100 independent media firms in 39 countries.
“We are optimistic that the new fund injection from early investors and venture capitals will strengthen Katadata&#8217;s position as the leading digital media in data-driven economy and business, as well strengthen the company’s capital structure to accelerate the process of digitizing, artificial intelligence and big data for Katadata,&#8221; Lin Che Wei said.
For new investor East Ventures, Katadata joins other media startups including Tech in Asia and IDN Media in its portfolio. The venture firm&#8217;s managing partner Willson Cuaca said he hopes Katadata will be “the role model for long-form news media in Indonesia”.
“A modernized ‘news authority’ is required to bridge the gap between our current technology and our societal need for reliable reporting. By combining traditional journalistic principles with new tech-driven distribution methods, we can arrive at a better future,” Cuaca added.
The backing for Katadata is the third investment announced by East Ventures this month. The early-stage venture fund had earlier announced funding for Indonesian retail technology startup Warung Pintar and Cicil, an Indonesian financing platform for university students.
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The round was joined by existing investors Emerging Media Opportunity Fund (EMOF) and Lin Che Wei, a prominent financial and public policy analyst in Indonesia.

East Ventures leads funding in Indonesian media startup Katadata

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East Ventures leads funding in Indonesian media startup Katadata

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