AnyMind Group, the parent company of Singapore-based AdAsia Holdings, is planning to raise $40 million to $50 million in a series B round by the middle of this year, the company’s co-founder and chief operating officer Otohiko Kozutsumi told DEALSTREETASIA.
The proceeds from the series B round will be used for market expansion, product development and to pursue mergers and acquisitions at a much larger scale than it did with its Series A funds.
AnyMind Group was launched earlier this month as a parent company of three artificial-intelligence driven technology matching platforms: AdAsia Holdings (advertisers and online publishers), TalentMind (recruiters and job seekers) and CastingAsia (marketers and influencers).
“The AI technology is very important for every industry in the future. Our strength is our AI technology and we have to think further how to implement it in other industries,” he said. “We also believe our AI technology can serve clients around the world, not only in Asia. To achieve that, we need a big investment this year.”
It closed an initial $12 million funding in series A from JAFCO Asia in April before securing an additional $2.5 million to its series A from Hisanori Watanabe and the listed news app provider Gunosy in September.
One month later, it acquired the Japanese publisher trading desk firm FourM to strengthen its AdAsia digital platform for publishers.
Otohiko said, it previously spent the series A proceeds heavily on hiring about 20 engineers in Ho Chi Minh and developing new products.
“This year, we focus on market expansion and promote three existing platforms. We are also launching a new feature and subscription model this month. Due to all of these factors, we project our revenue will grow aggressive from $28 million in 2017 to $78 million this year,” he said.
Currently, it has 20 offices in 9 countries with over 250 staffs. It will launch the offices in Malaysia and the Philippines in the first quarter this year, followed by the United Arab Emirates, Russia and India later in 2018.
The co-founder confirmed that it still sticks to its goal to go public in 2019, but it has not decided yet where it will be listed.