• News 20 February 2020

Apis Partners, through its Venture Insurtech Fund has invested in Eureka AI (“Eureka”)

Eureka AI closes US$ 20 M Series B investment round to fund global expansion

  • Eureka AI closes Series B round with global investor group led by Apis Partners, Gobi Partners, Riyad TAQNIA Fund – RTF, and MEC Ventures.

  • Founded in 2017, Eureka’s AI enterprise software platform organizes mobile data to deliver actionable intelligence at scale. Eureka enables mobile operators and enterprises to partner and serve their customers better, leveraging its suite of products across audience, risk, mobility and market intelligence.

  • The investment will be used to support international expansion and further develop Eureka’s product portfolio.

SINGAPORE, FEBRUARY 20, 2020Eureka, an AI enterprise software platform powering mobile operator and enterprise partnerships as well as telco analytics has closed its Series B fundraising round.

In support of the company’s global expansion, the round was co-led by leading investors from around the world: a venture insurtech fund managed by Apis Partners (headquartered in London), Gobi Partners (headquartered in Kuala Lumpur), the Riyadh TAQNIA Fund (headquartered in Riyadh) and MEC Ventures (headquartered in Beijing and Bahrain). Other investors that participated in the round included SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital. They join existing investors in the company that include Softbank, PPF Home Credit, and East Ventures.

Eureka has built a proprietary AI enterprise software platform, Spectrum, that organizes mobile telecom data to deliver actionable intelligence. It enables enterprises in industries including banking, insurance, transportation, and FMCG to partner with mobile operators to deliver better services to their customers and acquire millions more. At present, Eureka is deploying on operators across Southeast Asia, India, and the Middle East on a collective mobile subscriber base of over one billion customers; it is now expanding into Europe and the United States.

Eureka CEO Benjamin Soemartopo said, “We are excited to have a leading global group of institutional investors join us in our mission to help mobile operators partner with enterprises. Mobile operators provide the infrastructure for the digital economy, and partnerships with enterprises will enable both to better serve their customers. Our new investment partners will help us both deliver in our current markets, and complete our global footprint.”

Apis Managing Director, Jin Jeong, commented, “We are really excited about the investment in Eureka. Mobile operators today face twin pressure from pricing pressure and rising costs, whilst facing a shortage of data scientists. By leveraging products on Eureka’s platform, enterprise clients of mobile operators can offer more relevant and personalized services to their customers.”

Dan Chong, Gobi Partners’ Managing Director of ASEAN, said, “At Gobi, we are always seeking out companies that are connecting people, enterprises, and countries with their