InMobi bags $100M from MARS Growth Capital to fuel AI-based acquisitions
The raised funds will be utilised to fuel the Singapore-based firm’s AI initiatives and support potential acquisitions focused on artificial intelligence.
Consumer technology company has secured $100 million debt financing from , a joint venture between MUFG and Liquidity Group.
The funds will be utilised to fuel the Singapore-based firm’s AI initiatives and support potential acquisitions focused on artificial intelligence, the company said in a statement.
The funding will also be used to enhance InMobi's AI capabilities through both internal development and strategic acquisitions to offer personalised solutions for brands to engage with consumers beyond traditional advertising formats.
“AI is the bedrock of both InMobi’s consumer and enterprise businesses, and we are using it to power the revolutionary lock screen experiences and InMobi advertising’s platforms. We are reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers and publishers. We’re pleased to have the confidence and funding from MARS Growth Capital to further accelerate our growth trajectory,” said Naveen Tewari, CEO of InMobi.
The mobile advertising firm was founded in 2007 by Naveen Tewari, Mohit Saxena, Amit Gupta, and Abhay Singhal. With its two primary ventures, Glance and InMobi Advertising, the company utilises AI to elevate digital interactions and experiences.
“Liquidity, through its JV with MUFG, Mars Growth is committed to growing the Asian tech ecosystem. As one of our largest transactions to date, this financing will help fuel InMobi's next phase of AI led growth,” says Ron Daniel, Co-founder and CEO, Liquidity Group, and CEO, Mars Growth.
MARS Growth Capital invests in AI platforms across the APAC region and Europe.
Glance is an AI-powered content discovery platform which provides users with personalised entertainment and content to create interactive and immersive experiences.
In 2023, Glance reached 235 million active users, driven by special features launched during major sporting events like the Indian Premier League (IPL) and the ICC World Cup. According to the company, its lock screen delivered real-time updates to millions of sports fans throughout the year. During the IPL and Cricket World Cup, the live score widget on the Glance lock screen drew approximately 3.5 million daily active users.
Edited by Megha Reddy