Advance.ai, the Singapore-based financial technology company, raised $80 million in its Series C funding, led by Chinese based companies Gaorong Capital and Pavilion Capital on Friday.
Also helping with the funding was Unicorn Ventures, eGarden Ventures and existing investors such as GSR Ventures and Vision Capital, according to Advance.ai’s statement on Friday. Advance.ai said it’ll use the proceeds from the funding to drive expansion across Asia, in its statement.
“Historically the attention and resources dedicated to AI development such as computer vision and natural language processing for Southeast Asia has been lacking,” Jefferson Chen, the chief executive officer and co-founder of Advance.ai said.
Advance.ai, that said in its statement it has over 300 enterprise customers in five markets in Asia, provides services and products to help reduce fraud risks and supports next generation credit. Advance.ai also caters towards banking and fintech, telecommunications, and retail.
“Gaorong believes that Advance.ai will continue to help regional clients transform their traditional businesses in the AI era, and deliver more value to consumers in these emerging markets, with the capabilities and core technologies it has firmly established,” Zhen Zhang, founder and managing partner of Gaorong said.
Advance.ai collected $50 million in its Series B+ funding back in July 2018.