Samreen Ahmad · · 2 min readSinar Mas leads $6.2m series B+ round of AI startup
Singapore-based 6Estates, an AI document-processing startup, has raised US$6.2 million in its series B+ funding round.
Photo credit: Max Pixel
The fundraise was led by Indonesian conglomerate Sinar Mas Group, with participation from Enterprise Singapore (Seeds Capital) and Farquhar VC.
In February 2019, it raised its series B round from GDP Venture, a member of the Djarum Group, and Central Capital Ventura, the venture arm of Bank Central Asia.
Founded in 2014, 6Estates is an AI fintech platform that specializes in multilingual natural language processing and machine reading comprehension technologies. These help clients process unstructured documents, which refer to files that do not follow a certain format such as letters and contracts.
The company’s Document AI solutions automate operational processes to increase business efficiency and productivity. Meanwhile, its template-free Intelligent Document Processing (IDP) solution helps regional financial institutions in trade finance and credit assessment to conduct semantic correlation analysis.
The fresh funds will be used to advance its IDP solution in industries such as banking and finance, trade, shipping, logistics, and insurance.
6Estates is also collaborating with conglomerate groups in Southeast Asia by providing services such as risk scoring, fraud detection, customer analytics, and cross-selling capabilities.
The company has also recently onboarded Hendra Tan, who was previously a partner at Accenture and the former CEO of PingAn OneConnect in Indonesia and Vietnam.
See also: These are the most active investors in Singapore’s startups
Editing by Collin Furtado and Lorenzo Kyle Subido
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