EXCLUSIVE Singapore's ADVANCE.AI raising $200 mln from Warburg Pincus-led investors - sources
Summary
REUTERS/Edgar Su SINGAPORE, Sept 9 (Reuters) - Singapore-headquartered tech startup ADVANCE.AI is raising about $200 million in a funding round that will propel it into a small group of Southeast Asia unicorns - unlisted companies valued at $1 billion or more, two sources familiar with the matter said. ADVANCE.AI, which uses artificial intelligence-driven technology to offer digital identity verification, fraud detection and credit scoring services, has secured Warburg Pincus as the lead investor in the funding, the sources said. The backing from Warburg Pincus, one of the worlds biggest private equity firms, is expected to help ADVANCE.AI scale up its business significantly. In the startup world, securing a valuation of at least $1 billion or a so-called unicorn status is often seen as an important milestone and underscores the maturity of a company. As the COVID-19 pandemic boosts consumers and companies adoption of digital platforms, rapidly-growing fintech and e-commerce startups are fast attracting investments from global and local investors as they bet on post-pandemic technology plays.
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