Softbank-backed InMobi raises $100 mn via debt financing agreement
Source: Business Standard
 "Naveen Tewari, Co-founder and CEO of inMobi")
Naveen Tewari, Co-founder and CEO of inMobi
Softbank-backed InMobi today announced that it has raised $100 million via a debt financing agreement from MARS Growth Capital, a joint venture between MUFG and Liquidity Group. The funds will be used to propel InMobi’s artificial intelligence (AI) development and deployment efforts forward and fund potential AI-focused acquisitions.
The IPO-bound firm said that this financing round will be used to significantly deepen the company’s AI capabilities through both organic and inorganic means to deliver more immersive, personalised ways for brands to better engage with consumers beyond the standard ad unit.
“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,” says Naveen Tewari, CEO of InMobi.
MARS Growth Capital invests in future-ready AI platforms in the Asia-Pacific and Europe. Backed by Liquidity Group’s experienced team of entrepreneurs and data scientists, MARS Growth Capital is a leading option for high-performing global technology companies in a new age of funding.
This is one of the largest transactions to date by Mars Growth, said Ron Daniel, co-founder and CEO, Liquidity Group, and CEO, Mars Growth.
“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,” says Navas Ebin, head of Asia-Pacific, managing director at Liquidity and MARS Growth Capital.
InMobi is a consumer technology firm with two core businesses, Glance and InMobi Advertising, where AI is harnessed to elevate digital experiences. Glance, an AI-powered content discovery platform, delivers personalised content and entertainment directly to users’ smartphones, creating more interactive and immersive journeys.
Headquartered in Singapore, with a large presence in San Francisco and operations around the globe.
First Published: Sep 11 2024 | 6:42 PM IST
