[Funding Alert] SoftBank-Backed Eureka AI Raises $20 Million For Global Expansion

Founded in 2017, Eureka AI-an enterprise software platform-enables mobile operators and enterprises to partner and serve customers better leveraging its suite of products

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Jakarta-headquartered Eureka AI, an enterprise software platform, closed its Series B fundraising round at $20 million. The round was co-led by Apis Partners, Gobi Partners, the Riyadh TAQNIA Fund and MEC Ventures.  

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Other investors including SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital also participated in the round. 

Plans With the Funds

According to the official statement, the fresh funds will be used for funding the company’s global expansion plan. Eureka is currently expanding its services to Europe and the US.

Founded in 2017 by Benjamin Soemartopo, Eric Bonnel, Martin Filz, Michael Hawkins and Tarek Najm, Eureka AI’s enterprise software platform uses mobile data to deliver actionable intelligence at scale.  The start-up enables mobile operators and enterprises to partner and serve their customers better, leveraging its suite of products across audience, risk, mobility and market intelligence.

Apart from international expansion, the fund will also be used to further develop Eureka AI’s product portfolio. The company had been previously backed by Softbank, PPF Home Credit and East Ventures.

“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,” Eureka AI CEO Benjamin Soemartopo said in the statement.

Growth

The Indonesian company has built a proprietary AI enterprise software platform named Spectrum which organizes mobile telecom data to deliver actionable intelligence. The platform enables enterprises in industries including banking, insurance, transportation, and FMCG to partner with mobile operators to deliver better services to their customers and also acquire millions more users.

At present, Eureka is working with leading mobile operators and Forbes 2,000 companies across Asia, the Middle East, Europe and the US and is now expanding in international markets. 

In 2019, the start-up was recognized as a World Economic Forum Technology Pioneer and is also a member of Start Path, Mastercard’s later stage, start-up engagement programme.

“We are very excited to bring Eureka AI to the Middle East,” said RTF vice-president, Ivo Detelinov. “Our investment, along with our GCC-wide network, will help Eureka AI 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 lack of a credit score.”