AdAsia Holdings raises additional US$2.5mil
By Digital News Asia September 29, 2017
- New funds came from angel investor, Hisanori Watanabe, news app provider, Gunosy
- Additional funds will be used to expand AI-driven matching engine to new industries
ADASIA Holdings, a technology company developing solutions in artificial intelligence (AI) and marketing, on Sept 28 announced the close of an additional US$2.5 million (RM10.5 million) in Series A funding by angel investor, Hisanori Watanabe and news app provider, Gunosy, finalising its Series A round at a total of US$14.5 million (RM61.15 million).
Since the initial US$12 million (RM50.6 million) funding by JAFCO Asia in April 2017, the company has been developing an AI-driven matching engine to connect advertisers to publishers and influencers to brands.
The additional funding will be used to accelerate this development, and scale the engine outside of the marketing and advertising industry.
“We will continue our growth in the marketing and advertising industry, and further develop our products. We also believe that AI will become an omnipresent and essential part of daily lives, and will look to bring AI that drives businesses and industries into the future.
“Of course, our product strategy will still be the same - empowering industries through easy-to-use and integrated offerings,” said AdAsia Holdings CEO and co-founder Kosuke Sogo (pic, above).
AdAsia Holdings will enter discussions to co-develop video advertising technologies with Gunosy in the Japan market, and also to expand Gunosy’s advertising technologies to the Southeast Asia market via AdAsia’s network.
Gunosy director and CEO Yoshinori Fukushima, said: “This unique opportunity to work with one of the fastest growing technology startups in the region allows us to partner with and scale our service in Japan and the greater Asia.”
Former founder, president and CEO of WebCrew Inc, Hisanori Watanabe, said: “Having been in the media and technology industry in Asia for over 20 years, it is hard to find a company like AdAsia Holdings. Their vision for AI and exciting plan to scale their solutions across industries will further the company’s astounding progress.”
On the decision to select the two parties as investors, Sogo said: “Bringing both Watanabe and Gunosy onboard at this point of the company’s growth were strategic moves, providing us access to experienced counsel and further business opportunities.”
The Singapore-headquartered company began operations in April 2016, and currently has 10 offices in nine countries, including recent office expansions in Bangkok, Ho Chi Minh City and Tokyo.
The company has a global headcount of over 170 staff and more than 300 clients globally.
Additionally, AdAsia Holdings generated upwards of US$12.9 million (RM54.4 million) in revenue in 2016, has been operating at a profit since then and is seeing an average of 30% quarter-on-quarter increase in revenue for 2017.
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