US startup DataRobot is establishing its regional headquarters in Singapore, while DeClout will partner Gobi to accelerate the growth of their portfolio firms.
DataRobot to invest $11m in Singapore ops
Boston-based AI startup DataRobot, which is the first overseas firm to be accredited by the Singapore’s digital and media regulator IMDA, plans to invest $11 million to establish its regional headquarters as well as a research and development centre in Singapore.
IMDA recently announced plans to extend its Accreditation@SGD scheme – a due diligence process – to firms outside the city-state. The accreditation improves a firms’ ability to work with the Singapore government in terms of gaining more rapid access to government contracts, while also validating the company’s operations and brand.
The company’s product is an automated machine learning platform that can create predictive models according to customers’ needs. DataRobot maintains a workforce of around 300 people globally, with about half of them being software engineers and data scientists.
It plans to hire up to 50 new staff by 2019 with an investment of $5.5 million and could invest up to $37 million more, depending on the performance of this human capital investment. Key industries it serves include banking and fintech, insurance, healthcare, and more. It has raised a total of US$124 million so far.
DeClout partners with Gobi Partners to grow portfolio firms
DeClout Investments is incorporated as a two-tier platform comprising incubation and fundraising facilitation for startups and growth enterprises, with a focus on digital services, logistics, big data, fintech and cybersecurity. It was awarded a S$10-million venture capital fund by the National Research Foundation to co-invest in local promising startups and is also a partner of SPRING Singapore’s Startup SG Accelerator programme.
“We look forward to this strategic partnership with Gobi Singapore which will allow us to leverage on our respective strengths and for startups under our respective portfolios to achieve their optimal potential through our incubation and fund – raising facilitation capabilities,” said Kelvin Tay, Executive Director, DeClout Investments.
Gobi Partners is a pan-Asian VC firm with roots in China that invests in emerging enterprises across Greater China and Southeast Asia.
According to Kay-Mok Ku, Partner (ASEAN), Gobi Partners, this partnership will see it collaborate with DeClout to access their domain expertise and network to grow their portfolio firms.