Katadata.co.id raises funding led by East Ventures
By Digital News Asia August 17, 2018
- Emerging Media Opportunity Fund and Lin Che Wei also participated
- Will launch new product-based data sets by the end of the year
KATADATA.co.id, an Indonesian media, data and online research company in the field of economics and business, on Aug 16 announced that it has raised funding in a round led by East Ventures.
Existing investors including Emerging Media Opportunity Fund (EMOF) and Lin Che Wei, a financial and public policy analyst in Indonesia, also participated in this third round of investment.
The fresh funds will be used for data product development utilising machine learning technology.
Katadata.co.id co-founder and CEO Metta Dharmasaputra, explained, "This is part of Katadata's continued development step as a data-driven media. By utilising machine learning technology in our data system, we are able to generate in-depth news and data based analysis which can assist business people, the government and other stakeholders in better decision-making. We are planning to launch this new product-based data by the end of the year.”
Katadata presents in-depth economic and business information that is supported by data and analysis. The company always strives to present economic and business content in a simple and attractive way by using a visual display of infographics and videos for easy public comprehension.
Since its establishment in 2012, news and infographic content produced by Katadata.co.id and displayed on the website, as well as on databoks.co.id, have been a popular reference source for policymakers and international media.
Managing Partner of East Ventures, Willson Cuaca, says, “The fact that the internet provides unprecedented convenience across various business sectors is actually a double-edged sword. With fast moving digital media all around us, much of today’s news coverage is not properly vetted and fact-checked, and yet, it is widely disseminated nonetheless.
“A modernised ‘news authority’ is required to bridge the gap between our current technology and our societal need for reliable reporting. By combining traditional journalistic principles with new tech-driven distribution methods, we can arrive at a better future.
“East Ventures has high hopes for Katadata to become the role model for long-form news media in Indonesia.”
Lin Che Wei, co-founder and also one of Katadata’s initial investors, says,” We are optimistic that the new fund injection from early investors and venture capitals will strengthen Katadata's position as the leading digital media in a data-driven economy and business, as well as strengthen the company’s capital structure to accelerate the process of digitising, artificial intelligence and big data for Katadata. We have no doubt Katadata will be the most trusted and business-focused digital media in Indonesia."