SoftBank-backed Eureka AI bags $20m in series B round

Eureka AI, an AI enterprise software company, announced that it has raised US$20 million in a series B funding round co-led by Apis Partners, Gobi Partners, the Riyad Taqnia Fund, and MEC Ventures.

SG Innovate, GDP Ventures, Pacific Bridge, and Cianna Capital also participated in the round. They join existing investors in the company that include SoftBank, PPF Home Credit, and East Ventures.

The company plans to use the new funds to support its international expansion plans in Europe and the US, as well as further develop its product portfolio.

Photo credit: Eureka AI

Founded in 2017, the Indonesia-based startup has built a proprietary AI enterprise software platform, Spectrum, that organizes mobile data to deliver actionable intelligence at scale. It helps mobile operators and enterprises make decisions, serve their customers, and acquire new clients.

Its products cover audience, risk, mobility, and market intelligence and activation and can be applied to banking, insurance, transportation, fast-moving consumer goods, and telecommunications.

“Mobile operators today face twin pressure from pricing pressure and rising costs, whilst facing a shortage of data scientists,” said Jin Jeong, managing director at Apis. “By leveraging products on Eureka’s platform, enterprise clients of mobile operators can offer more relevant and personalized services to their customers.”

Eureka AI currently works with operators across Southeast Asia, India, and the Middle East, with a total of over 1 billion customers, according to a statement.

The global artificial intelligence for telecommunication market was valued at around US$651.2 million in 2017. It is expected to grow with a growth rate of more than 42% from 2018 to 2025, according to a study.