Singapore's AdAsia closes Series A at $14.5m
Singapore-based advertising technology company AdAsia Holdings has closed its Series A funding round at $14.5 million after receiving a $2.5 million investment from angel investor Hisanori Watanabe and Japanese news app provider Gunosy.
It comes about six months after a $12 million commitment from Jafco Asia, which was said to be the largest disclosed Series A for any Asian adtech company outside of China. The capital will be used for development of an artificial intelligence (AI) operating system and efforts to scale the company’s technology outside of the marketing and advertising industry.
“We believe that AI will become an omnipresent and essential part of daily lives, and will look to bring AI that drives businesses and industries into the future,” Kosuke Sogo, CEO and co-founder of AdAsia, said in a statement. “Of course, our product strategy will still be the same – empowering industries through easy-to-use and integrated offerings.”
Future operations are planned to include video advertising technology development fo the Japanese market and an expansion of Gunosy’s existing offerings into Southeast Asia. AdAsia also plans to expand its staff from around 170 to 400 people by the end of 2018.
AdAsia serves more than 350 clients globally via 10 offices in nine countries, including recent expansions in Bangkok, Ho Chi Minh City and Tokyo. The company claims to have been operating at a profit since 2016 when it generated revenue of about $13 million. Revenue has improved by 30% quarter on quarter so far this year.
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