SoftBank-backed AI Firm Eureka Raises $20m in Series B Round

Eureka AI, an Indonesia-based artificial intelligence enterprise software company backed by SoftBank, has raised US$20 million in its Series B funding round co-led by Apis Partners, Gobi Partners, the Riyad Taqnia Fund, and MEC Ventures.

The AI startup, founded in 2017, said the funding round also saw the participation of SG Innovate, GDP Ventures, Pacific Bridge, and Cianna Capital. Existing backers SoftBank, PPF Home Credit, and East Ventures also took part in the round.

Eureka plans to use the new funds to support its international expansion plans in Europe and the US, as well as further develop its product portfolio. The company claims to deliver actionable intelligence at scale, thereby helping mobile operators and enterprises to partner and serve their customers better.

The startup currently caters to operators across Southeast Asia, India, and the Middle East, with a total of over a billion customers, and is in the process of expanding to Europe and the US.

The funding comes as the global artificial intelligence for the telecommunications market was valued at around US$651 million in 2017. The market is forecast to accelerate at a rate of more than 42 percent until 2025.

“Our enterprise software enables partnerships between mobile operators and leading enterprises, which allow them to provide better service to their existing customers,” the AI firm said.

Apis Partners, one of the co-anchors in the funding round, said enterprise clients of mobile operators can offer more relevant and personalised services to their customers by leveraging products on Eureka’s platform.

Gobi Partners Managing Director of ASEAN, Dan Chong, also said that Eureka’s innovative platform fits the firm’s strategy of bridging and investing in underserved markets, particularly those that lie in Southeast Asia and the Middle East.

Gobi Partners is one of the first venture capital firms with a regional presence across ASEAN, China, and Japan, with over US$1.1 billion in assets under management.

Riyad Taqnia Fund (RTF) is a Saudi Arabia-based early-stage venture capital fund founded by Riyad Capital and Taqnia. The company is backed by leading institutional investors in Saudi Arabia.