Singapore-based artificial intelligence (AI) enterprise software company Eureka has raised $20 million in a Series B funding round co-led by Apis Partners, Gobi Partners, Riyad TAQNIA Fund – RTF, and MEC Ventures, according to a statement.
Other investors who participated in the round include SGInnovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital.
Founded in 2017, Eureka claims to enable customers in industries including banking, insurance, transportation, and FMCG to deliver better services to their customers using mobile operator data. The company said that the fresh funding will be used to support its international expansion plans and further develop its product portfolio.
At present, Eureka caters to operators across Southeast Asia, India, and the Middle East. It is in the process of expanding to Europe and the US.
“Mobile operators today face twin pressure from pricing pressure and rising costs, whilst facing a shortage of data scientists. By leveraging products on Eureka’s platform, enterprise clients of mobile operators can offer more relevant and personalized services to their customers,” said Apis managing director Jin Jeong.
Meanwhile, Gobi Partners ASEAN managing director Dan Chong said that Eureka’s platform and global reach fit the firm’s strategy of bridging and investing in underserved markets, particularly in Southeast Asia and the Middle East.
Apis Partners is a global investment manager specializing in investments democratising access to financial services and related industries. The UK-based investment manager in December hit the final close of Apis Growth Fund II at an increased hard cap of $550 million, exceeding an initial target of $400 million.
Gobi Partners is a venture capital firm with a regional presence across ASEAN, China, and Japan with over $1.1 billion in assets under management.
Riyad TAQNIA Fund (RTF) is a Saudi Arabia-based early-stage venture capital fund founded by Riyad Capital and TAQNIA. RTF is backed by leading institutional investors in Saudi Arabia.
MEC Ventures is a co-GP fund created by MSA Capital and Al Salam Bank Bahrain.