[Funding alert] AI enterprise software startup Eureka closes $20M in Series B round

Eureka, an AI enterprise software platform powering mobile operators and enterprise partnerships as well as telco analytics, has closed $20 million in its Series B funding round.

The round was co-led by leading investors from around the world such as venture insurtech fund managed by Apis Partners, Gobi Partners, the Riyadh TAQNIA Fund, and MEC Ventures. Other investors who participated in the round included SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures, and Cianna Capital. They will now join existing investors SoftBank, PPF Home Credit, and East Ventures.

Eureka CEO Benjamin Soemartopo said, 

“Mobile operators provide the infrastructure for the digital economy, and partnerships with enterprises will enable both to better serve their customers. Our new investment partners will help us both deliver in our current markets, and complete our global footprint.”

The company said the investment will be used to support international expansion and further develop Eureka’s product portfolio.

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Eureka currently has a software development team in Bengaluru, which works with its technology teams in Seattle, Singapore, and Jakarta. The investment will also support the growth of its Bengaluru team and operations in India.

Eureka has built a proprietary AI enterprise software platform, Spectrum, that organises mobile telecom data to deliver actionable intelligence. It enables enterprises in industries including banking, insurance, transportation, and FMCG to partner with mobile operators to deliver better services to their customers and acquire millions more.

At present, Eureka is deploying on operators across Southeast Asia, India, and the Middle East on a collective mobile subscriber base of over one billion customers. It is now expanding into Europe and the US.  

Apis Managing Director Jin Jeong added, 

“Mobile operators today face twin pressure - from pricing pressure and rising costs, while also 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.”

According to Dan Chong, Gobi Partners’ Managing Director of ASEAN, “Eureka’s innovative platform, with its global reach, fits our strategy of bridging and investing in underserved markets, particularly those that lie in Southeast Asia and the Middle East.”

Eureka is also a member of Start Path, Mastercard’s award winning later stage startup engagement programme.

(Edited by Megha Reddy)