Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

AI startup Advance.ai raises $80m in Series C funding

Singapore-based artificial intelligence Advance.ai has raised $80 million in a Series C funding led by China-based Gaorong Capital and Singapore-based Pavilion Capital, with participation from Unicorn Venture, eGarden Ventures and existing investors including GSR Ventures and Vision Plus Capital.

The company made the announcement on Thursday, saying the funds will be used to drive expansion across Asia.

“Historically the attention and resources dedicated to AI development such as computer vision and natural language processing for Southeast Asia has been lacking,” said Jefferson Chen, co-founder and chief executive of Advance.ai in a statement.

“We have been focusing on that … by bringing some of the best talents from various fields together to address the needs in this part of the world.”

Advance.ai uses artificial intelligence solutions to reduce fraud risks and support the development of next-generation scoring systems aimed at serving the underbanked in emerging markets.  

“Today, our AI-based computer vision, fraud detection and credit-scoring technologies deliver some of the best results… We strive to invest more heavily into R&D and innovations in the coming years to better serve our customers’ needs and grow together with them,” Chen explained. 

Advance.ai  was founded by Chun Dong Chau, Dong Shou, Jefferson Chen in 2015 and has since raised an overall $130.1 million in investments. The startup says it has over 300 enterprise customers in Singapore, Indonesia, Vietnam, the Philippines and India.

Image via Becris on flaticon.

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