InMobi, the SoftBank-backed consumer technology company announced that it has secured $100 million in debt funding from MARS Growth Capital, a joint venture between MUFG and Liquidity Group.
The funds will reportedly be deployed to propel InMobi's Artificial Intelligence (AI) development efforts and fund potential AI-focused acquisitions.
Naveen Tiwari, CEO of InMobi, said, "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’re pleased to have the confidence and funding from MARS Growth Capital to further accelerate our growth trajectory," he further added.
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Naveen Tewari said that the company is reimagining how ads can be made truly native by driving superior engagement and outcomes for consumers, advertisers and publishers.
Mars Growth Capital invests in future-ready AI platforms in APAC and Europe. It is backed by Liquidity Group's experienced team of entrepreneurs, data scientists and machine learning.
Navas Ebin, Head of APAC, Managing Director at Liquidity and MARS Growth Capital said “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."
Ron Daniel, co-founder and CEO, of Liquidity Group and CEO, of Mars Growth said, “Liquidity, through its JV with MUFG, Mars Growth, is committed to growing the Asian tech ecosystem."
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Daniel said that this financing will fuel InMobi's next phase of AI-led growth as it is one of their largest transactions to date.
InMobi is a consumer technology company dedicated to revolutionising how the world engages with mobile devices. It is headquartered in Singapore, it has a large presence in San Francisco and operations across the globe. Through its two core businesses, Glance and InMobi Advertising, AI is harnessed to elevate digital experiences.
