Singapore-based AdAsia Holdings, a technology enterprise developing artificial intelligence (AI) solutions and marketing technology, has secured an additional $2.5 million to its Series A from Hisanori Watanabe and publicly listed news app provider, Gunosy.
This brings the hard close of its Series A round to $14.5 million.
Following an initial $12 million investment from JAFCO Asia in April 2017, the company has been developing an AI-driven matching engine to connect advertisers to publishers and influencers to brands. The additional funding will be used to accelerate this development, and scale the engine outside of the marketing and advertising industry.
Former founder, president and CEO of WebCrew Inc, Hisanori Watanabe, said: “Having been in the media and technology industry in Asia for over 20 years, it is hard to find a company like AdAsia Holdings. Their vision for AI and exciting plan to scale their solutions across industries will further the company’s astounding progress.”
The investment by Gunosy will see AdAsia partner the Japanese corporate to co-develop video advertising technologies with Gunosy in the Japan market, and also to expand Gunosy’s advertising technologies to the Southeast Asia market via AdAsia’s network.
“We will continue our growth in the marketing and advertising industry, and further develop our products. We also believe that AI will become an omnipresent and essential part of daily lives. Of course, our product strategy will still be the same – empowering industries through easy-to-use and integrated offerings,” said Kosuke Sogo, CEO and co-founder of AdAsia Holdings.
According to Sogo, bringing Watanabe and Gunosy on board were strategic moves meant to permit them to “access to experienced counsel and further business opportunities.”
The company reports that it generated upwards of $12.9 million in revenue in 2016 and has been operating at a profit since then, with an average quarter-on-quarter revenue increase of 30 per cent in revenue for 2017.