Japanese firm backs AI start-up AntWorks

AntWorks, a firm which offers artificial intelligence (AI) and automation products and solutions, has raised $15 million (around Rs 103 crore) in a Series A round of funding from Japanese investment firm SBI Investment Co. AntWorks stated that it will use the fresh capital to boost growth by expanding its marketing and sales channels apart from entering new geographies. The company, which has bases in Singapore and Mumbai, will also invest in research and development. SBI Investment, a subsidiary of financial services firm SBI Holdings, and AntWorks will also form a joint venture to tap opportunities in the emerging AI space in Southeast Asia. Founded in 2015 by Asheesh Mehra (CEO) and Govind Sandhu (CFO), AntWorks focuses on robotic process automation (RPA). The company claims to have more than 450 customers in four countries. It said that it had recorded three-digit revenue growth but did not divulge further details. Yoshitaka Kitao, Representative Director, President, and CEO of SBI Holdings Inc, said: “We look forward to their [AntWorks'] growth in the Asian region through our joint venture, as well as globally.”