Vertex co-leads $8m round for Singapore's Active.ai
Vertex Ventures, the VC arm of Singapore’s Temasek Holdings, has co-led an $8.25 million Series A round for Singapore-based financial technology platform Active.ai.
Creditease Holdings and Dream Incubator were Vertex’s co-leaders on the round, and existing investors Kalaari Capital and IDG Ventures India also participated. Vertex managing partner Ben Mathias and Kalaari Managing Director Vani Kola will join Active’s board of directors.
Active is headquartered in Singapore and has research and development facilities in India. The company, founded in 2016, develops virtual assistant software to be used by financial institutions to provide online customer service. Its products use artificial intelligence, machine learning, and natural language processing to understand and address customer requests.
India’s Axis Bank is using Active’s software for its online service, and the company is working with several banks in Southeast Asia and North America to integrate the product into their systems. Active will use the new capital primarily for expansion in North America, along with hiring additional development staff and improving its products.
Vertex is currently investing its latest Southeast Asia and India fund, which closed earlier this year at $210 million. The firm targets early-stage technology start-ups in fields including on-demand mobile services, e-commerce, fintech, enterprise software and online-to-offline services.
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