AI startup 6Estates raises Series B funding
By Digital News Asia February 12, 2019
- Will invest further in the company’s proprietary cognitive data intelligence solutions
- The company intends to establish an office in Indonesia
6ESTATES, an Artificial Intelligence company that delivers real-time, actionable insights to businesses announced on Feb 12 that it has successfully completed a Series B funding round. The financing will be used to invest further in the company’s proprietary cognitive data intelligence solutions and for global expansion.
The round was led by GDP Venture and participated by Central Capital Ventura, the venture arm of Bank Central Asia, Indonesia’s largest private bank.
“6Estates has gained impressive market traction with their ground-breaking AI technology in the burgeoning big data space. With their innovative DNA, they are progressively pushing the boundaries to solve real-world challenges presented by the explosion of data on different digital platforms. We are very excited to invest in the company and lead its Series B round,” said GDP Venture chief executive officer Martin Hartono.
6Estates’ solutions are currently centered on market intelligence for consumer goods industry and finance intelligence for financial services industry. These cognitive data intelligence solutions are built on cutting-edge AI technology.
It combines Natural Language Processing, Explainable Neural Network, and Knowledge Graph to deliver attributes causality analysis and actionable insights for businesses to enable smarter decision-making.
The solid vote of confidence from investors reflects the company’s significant revenue growth of over 300% year on year in the last 12 months, driven by demand on market intelligence from Fortune 500 companies which include P&G, Nestle, and Unilever.
6Estates has also secured several major finance intelligence projects in China such as constructing a big data and AI infrastructure for HengFeng Bank, and building a capital market risk prediction system for South-West Securities.
One of 6Estates’ latest products, Market Innovation Knowledge Advisor (MIKA) leverages on advanced Explainable AI to identify the impact each product attribute brings in a product’s sales.
MIKA identifies upcoming consumer trends and key purchasing attributes which allow brands to better undergo product design as well as communicate effectively to maximize marketing effectiveness.
“Due to ever changing consumers’ needs, our clients are looking for ways to not only understand trends better, but also to look out for solutions which can explain why a phenomenon occurred. At 6Estates, we utilize the latest research breakthroughs to create innovative solutions to empower our clients,” said 6Estates co-founder and chief executive officer Dr. Luan Huanbo (pic, right).
“Within the financial sector, 6Estates applies our robust information extraction and machine reading comprehension technology to help our clients transform unstructured documents to structured knowledge which enable process and intelligence automation. We are currently exploring the application of our technology within trade finance and capital market with several institutions,” Dr. Luan added.
The company intends to establish an office in Indonesia to tap into the vast opportunities of the fourth most populous nation in the world, to further develop its Bahasa Indonesia Natural Language Processing capabilities, and collaborate closely with Bank Central Asia to apply its AI solutions to enhance the bank’s AI competencies.
On Lee, CTO of GDP Venture, CEO/CTO of GDP Labs, said, “Founded by winner of ACM Achievements Award, Professor Chua Tat-Seng, CEO Dr. Luan Huanbo and CTO Dr. Wang Chao, 6Estates is a world-leading expert in AI. They have assembled a world-class AI team. They are one of the best AI companies in the world, combining industry experience and academic expertise.” On Lee will join the company’s Board of Directors.
Besides expanding the R&D team of machine learning and data scientists, the company is aggressively expanding its presence within Southeast Asia as well as China, and is on the lookout for potential strategic collaborators.