Jakarta, Indonesia-based Eureka, an AI startup on Tuesday, 18 February raised $20 million in a Series B round co-led by Apis Partners (London, UK), Riyadh TAQNIA (Riyadh, KSA), Gobi Partners (Kuala Lumpur, Malaysia), and MEC Ventures (Beijing, China); with participation from other investors including GDP Ventures, Pacific Bridge, B&Y Ventures, Cianna Capital, and SG Innovate.
The company in a statement mentioned that will utilise the fresh funds for its global expansion and further develop the product inventory.
Affirming the idea of Eureka and how its platform can help enterprise clients of mobile operators, Jin Jeong, the Managing Director of Apis said…
“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,”
Other statements enclosing the funding round of Eureka
Commenting on the investment round, 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.”
Jin Jeong, the Managing Director of Apis Partners said…
“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, Managing Director of Gobi Partners’ ASEAN commented as…
“At Gobi, we are always seeking out companies that are connecting people, enterprises, and countries with their business. Eureka’s innovative platform with its global reach fits our strategy of bridging and investing in underserved markets, particularly those that lie in Southeast Asia and the Middle East.”
IVO Detelinov, Vice President of Riyadh TAGNIA said…
“We are very excited to bring Eureka to the Middle East. Our investment, along with our GCC-wide network, will help Eureka roll out its flagship credit score product across the region. This would create untapped revenue streams for financial institutions and provide financial products to customers who previously were unable to access them due to the lack of a credit score.”
Ben Harburg, Co-Managing Partner of MEC Ventures
“By mining alternative data sources that are currently vastly underutilized, we believe Eureka provides a critical layer of infrastructure that will enable the optimized digitization of financial services and advertising in the Middle East.”
Founded in 2017 by Benjamin Soemartopo, Eric Bonnel, Martin Filz, Michael Hawkins, and Tarek Najm; Eureka helps its customers across varied sectors including banking, insurance, transportation, and FMCG to deliver better services to their customers using mobile operator data.
The company through its AI enterprise software platform, Spectrum claims to be organising mobile telecom data to deliver actionable intelligence to its enterprise clients. The company is currently operating across Southeast Asia, India, and the Middle East and claims to have a mobile subscriber user base of over 1 billion customers. Eureka was also recognised as a World Economic Forum Technology Pioneer in 2019. A member of Start Path, and awarded by Master Card’s later-stage startup engagement program.