Exclusive-Singapore's ADVANCE.AI raising $200 million from Warburg Pincus-led investors – sources


© Reuters. FILE PHOTO: People are reflected on a poster of 50 Singapore dollar bills as they cross the road near the central business district in Singapore April 14, 2015. REUTERS/Edgar Su


By Anshuman Daga

SINGAPORE (Reuters) – Singapore-headquartered tech startup ADVANCE.AI is raising about $200 million in a funding round that will propel it into a small group of Southeast Asia unicorns – unlisted companies valued at $1 billion or more, two sources familiar with the matter said.

ADVANCE.AI, which uses artificial intelligence-driven technology to offer digital identity verification, fraud detection and credit scoring services, has secured Warburg Pincus as the lead investor in the funding, the sources said.

The sources declined to be identified as the funding has not been finalised.

There was no response to Reuters queries sent to ADVANCE.AI.

The backing from Warburg Pincus, one of the world’s biggest private equity firms, is expected to help ADVANCE.AI scale up its business significantly. Investments from large global funds usually help startups notch higher valuations in subsequent funding rounds. Warburg Pincus declined comment.

One of the sources said ADVANCE.AI’s valuation will more than double from its last capital raising Series C round two years ago.

The company currently counts Chinese investment firm GSR Ventures and a subsidiary of Singapore state investor Temasek Holdings among its investors.

In 2019, ADVANCE.AI had raised $80 million from investors including Chinese venture capital firm Gaorong Capital and Pavilion Capital. Earlier, it raised nearly $55 million, according to the company’s website.

In the startup world, securing a valuation of at least $1 billion or a so-called unicorn status is often seen as an important milestone and underscores the maturity of a company.

ADVANCE.AI caters to more than 1,000 clients in its key sectors such as banking, e-commerce, fintech and retail.

As the COVID-19 pandemic boosts consumers’ and companies’ adoption of digital platforms, rapidly-growing fintech and e-commerce startups are fast attracting investments from global and local investors as they bet on post-pandemic technology plays.

From its strong presence in Southeast Asia and India, ADVANCE.AI is now expanding into newer markets such as Mexico.

Last year, the company was part of a consortium that had applied for a wholesale digital banking licence in Singapore but was unsuccessful.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.