Singapore-based AI-driven technology firm Advance Intelligence Group has raised $80 million led by existing investors Warburg Pincus and Northstar Group.
According to a statement, the latest round follows Advance’s $400-million Series D round in 2021, bringing the total amount raised to $700 million since inception.
The tech unicorn also counts SoftBank Vision Fund 2, Vision Plus Capital, Gaorong Capital, EDBI, GSR Ventures, Pavilion Capital, Tiga Investments, Alpha Startups, ZhenFund, Provident Growth, Unicorn Capital Partners, and eGarden Ventures among its investors.
Advance Intelligence Group has three business units: Advance.AI, Atome Financial, and Ginee.
Advance.AI is an AI-powered software provider of digital identity, compliance, and risk management solutions for enterprises. Some of its products include AI facial recognition, AI document recognition, and AI document processing, which it offers to over 700 corporates in 11 countries across Asia, Africa, and Latin America.
Atome Financial is one of Asia’s leading fintech players encompassing three main brands — Atome, Kredit Pintar, and ND Finance. It offers buy-now-pay-later (Atome) and digital lending services (Kredit Pintar, ND Finance) to over 20 million consumers across 10 key Asian markets in different categories such as fashion, beauty, lifestyle, electronics, travel, and homeware.
Ginee is an e-commerce merchant services tech platform offering digital solutions for e-commerce, retail, brand, and enterprises. It has accumulated over $4 billion in GMV and processed over 480 million in orders with more than 180,000 active merchants, according to its website.
Some of Ginee’s product offerings include 360-degree advertising and precision marketing solutions leveraging on big data and AI, B2B aggregation for cross-border merchants and enterprise customers between Southeast Asia and China, and B2B software solutions offering transparency in omnichannel orders, warehousing, and supply-chain distribution management.
“Since our previous raise in 2021, we have taken a disciplined approach and made good progress in fulfilling our vision of advancing tomorrow’s digital ecosystem across the region. This new investment will help accelerate our programme of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and
services,” said Advance Intelligence Group CEO and co-founder Jefferson Chen in a statement.
“Southeast Asia remains one of the fastest-growing digital markets globally with a 680-million population, the majority of whom still lack affordable and equitable access to credit. We look forward to continuing our partnership with Jefferson and helping the company deliver its commitment to millions of customers across the region,” said Saurabh Agarwal, Partner and Managing Director, Warburg Pincus.