InMobi Raises $100 Million for New AI Acquisitions and Development

The advertisement tech company InMobi has raised $100 million in debt financing to expand and develop new AI features and products this Wednesday.

According to the press release, MARS Growth Capital, along with MUFG and Liquidity Group, participated in the financial agreement.

The Singapore-based startup is working on strategies to improve engagement and study how users consume content. With the new funding, they expect to power machine learning and AI features, as well as potentially acquire AI-focused businesses and products.

“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,” said InMobi’s CEO, Naveen Tewari. “We’re pleased to have the confidence and funding from MARS Growth Capital to further accelerate our growth trajectory.”

The startup has been backed by investors to develop high-performing technology and expand AI efforts.

“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,” said the Head of APAC, Managing Director at Liquidity and MARS Growth Capital, Navas Ebin. “A business of InMobi’s scale requires an agile tech-driven growth partner. We’re thrilled to work with InMobi to power their next wave of innovation in AI and consumer internet verticals.”

According to TechCrunch, InMobi is backed by Softbank and counts Vodafone, Coca-Cola, Mastercard, and Samsung among its clients. The tech news site has also reported that InMobi has been developing AI-powered strategies for the past two years, and has developed techniques to optimize the integration of advertisements into content.

The startup valued at around $10 billion, has employees across 50 countries, and is planning an initial public offering (IPO) next year in India.