- 9 June 2021 16:56
Rich Data Corporation secures $15m to accelerate growth
Rich Data Corporation, an industry-leading AI credit risk management platform, has raised $15 million via a strongly supported and upsized funding round. The round introduced new investor BMY Group and a small number of well-known technology and high net worth investors.
Rich Data Corporation (RDC) uses explainable artificial intelligence and predictive machine learning models, traditional and alternative data sources to provide more accurate, transparent and compliant credit decisions for global lenders.
Its ‘Delta’ platform enables lenders to more accurately access the credit risk and predict the future behaviour, revenue and expenses of SMEs and individuals with a thin credit record - or no credit history, and enables lenders to demonstrate the logic behind every prediction and decision.
Funds raised will enable RDC to accelerate its growth initiatives in Australia and offshore, including into Asia, the US and Europe, as demand rapidly increases in finance sectors globally for ethical AI and machine learning-based technology platforms that integrate with legacy systems and provide lenders with more accurate, transparent and compliant credit decision data and predictors of borrowers’ future behaviour, revenue and expenses.
Melbourne-headquartered BMY Group, a funds management firm that specialises in international growth and scaling investment opportunities in the technology sector, was the largest investor in the round, contributing over $12 million. With successful investments in high growth technology platform businesses, BMY Group's insights and relationships will support RDC’s growth plans.
BMY Group Founder & CEO Eric Gao will join the RDC Board as a non-executive director, bringing 15 years of professional experience in investment, wealth management and Fintech, that will further enhance the RDC Board as it looks to rapidly scale its AI platform and grow in Australia and offshore.
Rich Data Corporation Co-founder & CEO, Ada Guan said, “We are very encouraged by our substantially upsized funding round, and the strong level of support shown by new investors, including some well-known technology specialists. I would also like to thank BMY Group for its support and welcome Eric Gao to our Board.
“Our ‘Delta’ platform is the finance industry’s most sophisticated risk management platform, using explainable artificial intelligence and predictive machine learning models, traditional and alternative data sources to provide more accurate, transparent and compliant credit decisions.
“We have very strong demand from financial services companies around the world who want to provide more access to credit that better suits their borrowers’ needs and propensity to pay. Our pipeline from well-known banks and other financial services companies continues to rapidly expand, underpinning our exciting growth trajectory.
“This funding round supports us entering new lucrative markets in Australia and offshore, and will have us well placed to deliver on our mission to deliver increased financial inclusion globally.”
BMY Group Founder & CEO Eric Gao said, "The BMY Group has been an active investor with a broad range of innovative technology companies - from global giants like Airbnb and DJI to Airtasker, 86400, Vbreathe and Openmarkets. We have been screening opportunities in the Data and AI sectors for years. Rich Data Corporation is precisely the one we have been looking for.
“We have a keen interest in identifying the rising stars of technology and providing additional expertise and resources to help them grow, providing win-win-win results for the companies, our investors and society with their positive impacts. Rich Data Corporation is a highly skilled team with a deep understanding of how artificial intelligence can provide more ethical access to credit, so were a natural fit for us. I look forward to embarking on their journey to increase financial inclusion.”
Market Eye acted as Rich Data Corporation’s corporate advisor on the capital raising, with BMY Group introduced to the opportunity by Adastra Corporate Advisory.