Singapore-based mobile data platform developer Eureka completed a $20m series B round on Tuesday that included telecommunications and internet group SoftBank and consumer loan provider PPF Home Credit.
The round was co-led by venture capital firms MEC Ventures and Gobi Partners, private equity firm Apis Partners and Riyad Taqnia Fund, a joint venture between investment bank Riyad Capital and state-owned business development investor Taqnia.
The Singaporean government-owned SG Innovate, venture builder GDP Ventures, alternative asset manager Pacific Bridge and VC firms Cianna Capital and East Ventures filled out the round.
Eureka has developed a software platform called Spectrum that uses artificial intelligence to comb through mobile telecoms data and discover usable intelligence, enabling businesses in a range of industries to serve customers more efficiently.
Benjamin Soemartopo, chief executive of Eureka, 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.”
The company was founded in 2017 but has not revealed details of earlier funding, though it identified Softbank, PPF Home Credit and East Ventures as existing investors.
