Rich Data Co concludes a $28m funding round led by Westpac and nCino
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Rich Data Co (RDC) recently held a funding round that managed to raise $28 million. The round was led by Westpac and nCino. The round also had other participants, including existing investors, such as Australian funds management firm BMYG and a new investor based in Singapore, Octava Fund.
Major demand for advanced AI ensures perfect conditions for AI providers’ growth
Rich Data Co is an Australian AI decisioning platform that focuses on offering its business lending solutions to various banks. It was founded in 2016, and it uses explainable artificial intelligence to provide its banking clients with a deeper insight into borrower behavior.
As a result, the banks get a more accurate and efficient understanding of businesses, which allows them to provide better lending deals. Westpac is actually one of the RDC’s biggest and most important clients.
Westpac’s head of strategic investments, Anthony Potts, commented on the bank’s leading role in the funding round, stating that its investment in RDC reflects the bank’s strategy to pursue meaningful capability partnerships, investments, and acquisitions. He added that AI is evolving rapidly, and the bank’s strategic investment does not only enhance its business lending offer but also grants the bank the ability to stay close to global developments as RDC scales internationally.
The move is quite understandable, given the fact that AI has found its way into countless industries already. Right now, nearly every bank, startup, and established firm is looking into ways of integrating it and benefiting from its advantages. For some, this means advanced services, while others simply get to cut costs by employing AI and shifting some of the more mundane tasks from their workforce to artificial intelligence.
As a result, any company that fails to grasp the importance of AI and make a move to integrate it — risks being left behind. Meanwhile, businesses like RDC, which provide AI-related services, are seeing huge demand and are growing rapidly on a global scale.
The funding round was a success despite challenges
In the past 18 months alone, RDC managed to expand into North America. Furthermore, in late 2022, it also managed to establish a global resale agreement with nCino, the second leader of its recent funding round.
Commenting on the round, RDC’s co-founder and CEO, Ada Guan, said that the investments will go a long way in strengthening the company’s relationship with Westpac and nCino. The amount that the firm managed to secure is more than just significant, especially considering the fact that the fundraising conditions are challenging in today’s market.
The fact that the company managed to raise $28 million in spite of the challenges speaks to the opportunity that Rich Data Co’s AI Decisioning Platform offers to the industry, as Guan said, adding that it is pleasing to be recognized by the investors.
