Hong Kong-based MioTech, an AI platform providing financial data on Asian corporates, is said to have closed about $15 million for its Series A+ round led by Horizons Ventures, the private investment arm of tycoon Li Ka Shing.
According to one source close to the deal, the round pegs MioTech at a post-money valuation of $100 million. Other existing investors from Greater China are also understood to be joining the round.
MioTech confirmed with DealStreetAsia that Horizons Ventures is leading its Series A+ round, but declined to disclose other details.
According to a statement, MioTech said it will invest proceeds in expanding its teams in Singapore, Hong Kong, Shanghai and Beijing and deepen its R&D expertise.
“(This) will further strengthen MioTech’s data and technology edge, and help MioTech become the industry acknowledged platform for green finance and sustainable investment in Asia. MioTech will continue to invest in Hong Kong while expanding its presence in Singapore and Mainland China,” said co-founder and CEO Jason Tu.
Tu told DealStreetAsia that the company will also look into acquiring financial data sets and expanding its product suite for the Southeast Asian market. It has already begun analysing data sets from Singapore and Malaysia and aims to launch its Southeast Asia data base in Q2 this year.
Tu declined to comment on whether MioTech had any immediate plans to shift to Singapore but said it is in active conversations with Singaporean regulators, investors and government bodies and has found the ecosystem to be strongly supportive of fintech startups like his.
In 2020, MioTech will also expand its portfolio analysis to sustainable finance and social and governance (ESG) – two areas that are in high demand by asset managers.
According to MioTech, it mines over 12,000 public sources, combining it with supply chain, shareholding, investments and alternative data sets to help form a comprehensive picture of the social responsibility performances of corporates.
The company’s competitors include the likes of MSCI, Refinitiv, Sustainalytics and Bloomberg, all of which provide various data points and indices to help fund managers gauge the financial performance of companies. Such coverage and analysis, however, remain largely under-represented when it comes Asian corporates – a gap MioTech hopes to fill.
MioTech’s secured $7 million in its Series A round in December 2017 from Horizons Ventures, Zhenfund and other family offices and Chinese high net worth individuals (HNWIs).
Horizons Ventures, a highly reclusive VC firm, has been noted for its investments in several innovative companies including Facebook, Spotify, N26, Zoom, Impossible Foods and Perfect Day.