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Wed 4 Mar 2020 10:43 AM

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AI firm Eureka eyes Middle East expansion after $20m Series B funding round

Eureka funding round was partly led by investors in Saudi Arabia and Bahrain

AI firm Eureka eyes Middle East expansion after $20m Series B funding round

Eureka is the creator of Spectrum, a proprietary AI enterprise software platform that organises mobile telecom data in a bid to deliver actionable intelligence to companies.


AI enterprise software platform Eureka has closed a $20 million Series B fundraising round partly led by Saudi Arabia-based Riyadh TAQNIA Fund (RTF) and MEC Ventures (based in Bahrain and Beijing), it was announced on Tuesday.

In a statement, Eureka said that the funding round also included investors such a London-based Apis Partners, SG Innovate, GDP Ventures, Pacific Bridge, B&Y Ventures and Cianna Capital. Existing investors in the company include Softbank, PPF Home Credit and East Ventures.

Eureka is the creator of Spectrum, a proprietary AI enterprise software platform that organises mobile telecom data in a bid to deliver actionable intelligence to companies.

The company is already active in Southeast Asia, India and the Middle East, with a collective customer base of over one billion customers. It is now eying further expansion in Europe and the US.

“We are excited to have a leading global group of institutional investors join us in our mission to help mobile operators partner with enterprises,” said Eureka CEO Benjamin Soemartopo.

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

RTF’s vice president, Ivo Detelinov, said that the fund’s investment into Eureka will help it expand in the Middle East.

“Our investment, along with our GCC-wide network, will help Eureka roll out its flagship credit score product across the region,” he said. “This would create untapped revenue streams for financial institutions and provide financial products to customers who previously were unable to access them due to the lack of a credit score.”

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