Singapore AI startup Advance.ai banks $80m in series C round

Singapore-based AI and big data firm Advance.ai raised US$80 million in a series C round led by private equity investor Pavilion Capital and Chinese venture capital firm Gaorong Capital (formerly Banyan Capital).

Unicorn Venture and eGarden Ventures also participated in the round, alongside existing investors GSR Ventures and Vision Plus Capital.

Photo credit: Advance.ai

Founded in 2015, the data-driven fintech company helps businesses reduce fraud risks and improve operational efficiency, serving in key sectors of banking and fintech, telecommunications, and retail. It also provides the technology to expand credit scoring for financial institutions operating in emerging markets.

“We can only grow if our customers grow. We strive to invest more heavily into the R&D and innovations in the coming years to better serve our customers’ need and grow together with them,” said Advance.ai co-founder and CEO Jefferson Chen.

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The company claims to have over 300 enterprise customers in five markets in Asia, namely Singapore, Indonesia, Vietnam, the Philippines, and India. Its flagship product, Advance Guardian, leverages AI to help banks and other businesses in electronic know-your-client process, fraud detection, and credit scoring.

It also has an AI-powered consultancy service that aids financial institutions, telecom operators, and government agencies by analyzing and evaluating internal and external data, and identifying areas of improvement.

Advance.ai said that it is supporting Singapore’s vision to grow the city-state into a regional and global fintech and AI hub.

In a 2017 report, Singapore said that AI will bring about rapid change and that the country should be ready to take advantage of it. Since then, the country has taken steps to reach that goal.

Later that year, it launched AI Singapore, an initiative aimed at bringing together government agencies, universities and institutes, investors, industry members, and startups to advance AI research, development, and practical uses in the city-state.