June 21, 2024

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EXCLUSIVE Singapore’s ADVANCE.AI raising $200 mln from Warburg Pincus-led investors – sources

2 min read

A Singapore dollar be aware is seen in this illustration photograph May possibly 31, 2017. REUTERS/Thomas White/Illustration

SINGAPORE, Sept 9 (Reuters) – Singapore-headquartered tech startup Advance.AI is raising about $200 million in a funding round that will propel it into a modest group of Southeast Asia unicorns – unlisted organizations valued at $1 billion or a lot more, two sources familiar with the make a difference stated.

Progress.AI, which takes advantage of artificial intelligence-pushed technologies to offer electronic id verification, fraud detection and credit history scoring products and services, has secured Warburg Pincus as the guide trader in the funding, the resources claimed.

The sources declined to be determined as the funding has not been finalised.

There was no reaction to Reuters queries sent to Advance.AI.

The backing from Warburg Pincus, a single of the world’s greatest personal equity companies, is expected to assistance Advance.AI scale up its business appreciably. Investments from significant global cash normally assistance startups notch bigger valuations in subsequent funding rounds. Warburg Pincus declined comment.

Just one of the resources said Progress.AI’s valuation will much more than double from its previous cash raising Sequence C spherical two many years in the past.

The enterprise at the moment counts Chinese expenditure organization GSR Ventures and a subsidiary of Singapore condition investor Temasek Holdings (TEM.UL) between its buyers.

In 2019, Progress.AI experienced elevated $80 million from traders together with Chinese undertaking cash firm Gaorong Money and Pavilion Funds. Before, it elevated virtually $55 million, according to the company’s web site.

In the startup planet, securing a valuation of at the very least $1 billion or a so-called unicorn standing is often observed as an important milestone and underscores the maturity of a corporation.

Advance.AI caters to extra than 1,000 customers in its important sectors this sort of as banking, e-commerce, fintech and retail.

As the COVID-19 pandemic boosts consumers’ and companies’ adoption of digital platforms, fast-expanding fintech and e-commerce startups are rapid attracting investments from global and area investors as they guess on post-pandemic know-how plays.

From its strong presence in Southeast Asia and India, Progress.AI is now increasing into newer marketplaces these as Mexico.

Last year, the organization was part of a consortium that had utilized for a wholesale electronic banking licence in Singapore but was unsuccessful.

Reporting by Anshuman Daga Enhancing by Sumeet Chatterjee and Kim Coghill

Our Specifications: The Thomson Reuters Believe in Rules.

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