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Indonesian firm Eureka AI raises USD 20 million in Series B round

The fresh cash will be utilized for international expansion and product development.

Indonesian artificial intelligence (AI) software company Eureka AI has raised USD 20 million in its Series B funding round, led by Apis Partners, Gobi Partners, the Riyad TAQNIA Fund, and MEC Ventures.

Other investors such as SG Innovate, GDP Ventures, Pacific Bridge, and Cianna Capital, also participated in the round. Eureka had previously accepted investments from Softbank, PPF Home Credit, and East Ventures.

The fresh capital will be used to support international expansion and product development, according to the company. “Our new investment partners will help us both deliver in our current markets, and complete our global footprint,” said the firm’s CEO Benjamin Soemartopo in a statement.

Eureka works with operators across Southeast Asia, India, and the Middle East, the company said. It has a mobile subscriber base comprising over one billion customers and is currently expanding into Europe and the United States.

Founded in 2017, Eureka’s proprietary AI enterprise software platform, Spectrum, organizes mobile data to deliver actionable intelligence at scale. Spectrum is utilized in various industries including banking, insurance, transportation, and fast-moving consumer goods.

“We are really excited to be investing 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,” said Apis managing partner Udayan Goyal.