Eureka AI Closes US$ 20 M Series B Investment Round to Fund Global Expansion
▪ Eureka AI closes Series B round with global investor group led by Apis Partners, Gobi Partners, Riyad TAQNIA Fund – RTF, and MEC Ventures.
▪ Founded in 2017, Eureka’s AI enterprise software platform organizes mobile data to deliver actionable intelligence at scale. Eureka enables mobile operators and enterprises to partner and serve their customers better, leveraging its suite of products across audience, risk, mobility and market intelligence.
▪ The investment will be used to support international expansion and further develop Eureka’s product portfolio.
▪ Eureka is a World Economic Forum Technology Pioneer and a member of Start Path, Mastercard’s award winning later stage, startup enagagement program.
SINGAPORE, FEBRUARY 20, 2020 – Eureka, an AI enterprise software platform powering mobile operator and enterprise partnerships as well as telco analytics has closed its Series B fundraising round.
In support of the company’s global expansion, the round was co-led by leading investors from around the world: a venture insurtech fund managed by Apis Partners (headquartered in London), Gobi Partners (headquartered in Kuala Lumpur), the Riyadh TAQNIA Fund (headquartered in Riyadh) and MEC Ventures (headquartered in Beijing and Bahrain). Other investors that participated in the round included SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital. They join existing investors in the company that include Softbank, PPF Home Credit, and East Ventures.
Eureka has built a proprietary AI enterprise software platform, Spectrum, that organizes mobile telecom data to deliver actionable intelligence. It enables enterprises in industries including banking, insurance, transportation, and FMCG to partner with mobile operators to deliver better services to their customers and acquire millions more. At present, Eureka is deploying on operators across Southeast Asia, India, and the Middle East on a collective mobile subscriber base of over one billion customers; it is now expanding into Europe and the United States. In 2019 Eureka was recognised as a World Economic Forum Technology Pioneer and is a member of Start Path, Mastercard’s award winning later stage, startup engagement program.
Eureka CEO Benjamin Soemartopo said, “We are excited to have a leading global group of institutional investors join us in our mission to help mobile operators partner with enterprises. Mobile operators provide the infrastructure for the digital economy, and partnerships with enterprises will enable both to better serve their customers. Our new investment partners will help us both deliver in our current markets, and complete our global footprint.”
Apis Managing Director, Jin Jeong, commented, “We are really excited about the investment in Eureka. 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.”
Dan Chong, Gobi Partners’ Managing Director of ASEAN, said, “At Gobi, we are always seeking out companies that are connecting people, enterprises, and countries with their business. Eureka’s innovative platform with its global reach fits our strategy of bridging and investing in underserved markets, particularly those that lie in Southeast Asia and the Middle East.”
“We are very excited to bring Eureka to the Middle East,” said RTF Vice President, Ivo Detelinov. “Our investment, along with our GCC-wide network, will help Eureka roll out its flagship credit score product across the region. This would create untapped revenue streams for financial institutions and provide financial products to customers who previously were unable to access them due to the lack of a credit score.”
“By mining alternative data sources that are currently vastly underutilized, we believe Eureka provides a critical layer of infrastructure that will enable the optimized digitization of financial services and advertising in the Middle East.” said Ben Harburg, Co-Managing Partner, MEC Ventures
About Eureka AI
Eureka is an AI enterprise software company that organizes mobile data to deliver actionable intelligence at scale. Eureka enables mobile operators and enterprises to partner and serve their customers better, leveraging its’ Spectrum AI data platform and suite of products across audience, risk, mobility and market intelligence. These products are applied in industries including banking, insurance, transportation and telecommunications to enable companies to make better decisions, serve their customers better, and acquire new customers. Eureka is currently working with leading mobile operators and Forbes 2,000 companies across Asia, the Middle East, Europe and the US.
For more information please visit: www.eureka.ai.
Apis Partners LLP is a global investment manager specializing in investments democratising access to financial services and related industries. Through its co-mingled and managed funds, Apis invests in sustainable early to growth stage businesses and helps them scale. Headquartered in London, the Apis team is spread across Singapore, US, India, Nigeria, Kenya, and S Africa.
For more information, please visit www.apis.pe
About Gobi Partners
Gobi Partners is one of the first venture capital firms with a regional presence across ASEAN, China, and Japan with over US$1.1 billion in assets under management (AUM). The firm, headquartered in Kuala Lumpur and Shanghai, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.
Founded in 2002, Gobi has raised 13 funds to date, invested in over 250 startups, and has grown to eleven offices across Bangkok, Beijing, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Lahore, Manila, Shanghai, Singapore and Tokyo.
For more information, please visit www.gobivc.com
About Riyad Taqnia Fund – RTF
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 and seeks to solve GCC industrial and consumer “pain-points” through the use of advanced technology.
For more information, please visit www.riyadtaqnia.com
MEC Ventures (officially Al Salam – MSA Bahrain Fund I GP B.S.C.(c), hereafter “MEC”) is a co-GP fund created by MSA Capital (MSA) and Al Salam Bank Bahrain (ASBB). It is the first privately funded and led firm to unify Chinese and Middle Eastern capital and technology markets. MSA is a China-based fund managing in excess of $1.5 billion, investing globally in early and growth stage technology and healthcare companies. ASBB is a Shari’a compliant bank headquartered in the Kingdom of Bahrain, licensed and regulated by the Central Bank of Bahrain, and listed on the Bahrain Bourse and Dubai Financial Market.