 "Naveen Tewari, Co-founder and CEO of inMobi")
IPO-bound adtech firm InMobi on Wednesday said it has raised $100 million via debt financing agreement from MARS Growth Capital to fund expansion of its artificial intelligence (AI) capabilities. MARS Growth Capital is a joint venture between MUFG and Liquidity Group.
The Softbank-backed firm said that this financing round will be used to significantly deepen the company’s AI capabilities through both organic and inorganic means to deliver more immersive, personalised ways for brands to better engage with consumers beyond the standard ad unit.
The firm also said that funds will be used to propel its AI development and deployment efforts forward and fund potential AI-focused acquisitions.
“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,” says Naveen Tewari, CEO of InMobi.
MARS Growth Capital invests in future-ready AI platforms in APAC and Europe. Backed by Liquidity Group’s experienced team of entrepreneurs and data scientists, machine learning, MARS Growth Capital is a leading option for high-performing global technology companies in a new age of funding.
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This is one of the largest transactions to date by Mars Growth, said Ron Daniel, Co-Founder and CEO, Liquidity Group and CEO, Mars Growth.
“AI is redefining the way businesses operate and create value, and InMobi is well-positioned to leverage its capabilities across multiple spaces in consumer and advertising technology,” says Navas Ebin, Head of APAC, Managing Director at Liquidity and MARS Growth Capital.
InMobi is a consumer technology company and has two core businesses, Glance and InMobi Advertising. AI is harnessed to elevate digital experiences.
Glance, an AI-powered content discovery platform, delivers personalised content and entertainment directly to users’ smartphones, creating more interactive and immersive journeys.
Headquartered in Singapore, the firm has a large presence in San Francisco and operations around the globe.
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