ADVANCE.AI secures US$80M in Series C funding led by Gaorong Capital, Pavilion Capital, eyeing regional expansion
ADVANCE.AI, Singapore-based AI-powered AI, and big data technology company, announces that it has received US$80 million in funding round, led by Gaorong Capital and Pavilion Capital. The funding also saw participation from Unicorn Venture, eGarden Ventures, and existing investors including GSR Ventures and Vision Plus Capital.
Combining the industry-recognized domain knowledge in big data, artificial intelligence, and credit scoring, ADVANCE.AI offers a data-centric platform to help transform traditional and emerging industries across the Asia Pacific.
ADVANCE.AI said that its vision is to “build and promote AI technologies for good.” It plans to do so by reducing fraud risks, improving operational efficiency, as well as empowering a new generation of credit scoring for financial institutions to serve the underbanked in emerging markets.
The key sectors that ADVANCE.AI serves include banking and fintech, telecommunications, and retail.
ADVANCE Guardian, the company’s flagship product, uses AI technology to assist banks and other businesses in e-KYC, fraud detection, and credit scoring.
Jefferson Chen, Co-founder, and CEO of ADVANCE.AI, said: “We believe AI as technology will benefit society by enabling better, faster and more personalised access to products, services, and information.”
ADVANCE.AI claimed that it currently has more than 300 enterprise customers across five markets in Asia (Singapore, Indonesia, Vietnam, Philippines, and India).