30/10/2018 – Singapore’s artificial intelligence (AI) solutions provider AnyMind Group has successfully raised US$13.4 million in its Series B round led by LINE Corporation and Mirai Creation Fund, a SPARX Group-operated fund backed by Toyota Motor Corporation And Sumitomo Mitsui Banking Corporation.
Existing backers JAFCO Asia and Dream Incubator also returned to co-invest in the funding round, which will be used to increase their engineering headcount by four times and open up additional office spaces in Tokyo and Bangkok.
At the same time, the startup also has plans for talent acquisition and to expand the product teams across Asia, Eastern Europe, and the Middle East.
“As we have been operating at a profit since January 2017, we are at a healthy stage for capital and raising a large amount is not our priority for this round. Instead for this round, our focus is on strategic collaborations with businesses that either bring in expertise in certain fields or deliver long-term value,” said Kosuke Sogo, the CEO and Co-founder of AnyMind Group.
As part of the strategic deal, LINE Corporation will be working with AnyMind Group’s subsidiary AdAsia Holdings for digital advertising, while Mirai Creation Fund will help AnyMind Group to accelerate its R&D in AI technology.
“Mirai Creation Fund supports the development and expansion of AI-driven business by utilizing knowledge gained from past investments in many AI companies,” said Shuhei Abe, the CEO and Founder of SPARX Group.
“In addition, Mirai Creation Fund, in cooperation with its limited partnership companies, intends to conduct more sophisticated advertising and marketing activities in Japan and other Asian countries by utilizing AdAsia’s platform,” Abe added.
AdAsia Holdings provides offerings in advertising technologies, such as the AdAsia Digital Platform for Publishers. The integrated platform supports private marketplace and real-time bidding deals, along with AI features that include dynamic floor optimization and dynamic ad allocation.
At present, AdAsia Holdings is powering more than 12 billion monthly impressions across 800 publishers in Asia through display, native and video advertising. The startup is also looking to develop new solutions for their existing business lines.
“We are also on the lookout for the right acquisition,” Kousuke added. “Our considerations are if there will be a product and market fit, in addition to whether the product is scalable to our other markets in Asia.”
Something that AnyMind values highly is the work culture of the companies, and they place emphasis on the importance of people’s belief, which is something that they believe needs to be consistent across the organization.
Previously known as AdAsia Holdings, AnyMind Group was formed in January 2018 and is the parent company of AdAsia Holdings, TalentMind, and CastingAsia. It currently has over 330 employees across 12 offices in 11 markets, and a product development centre in Ho Chi Minh City.
This news is published on Reuters.