AI decisioning startup Rich Data Co secures $37m Series B
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The news: AI decisioning platform provider Rich Data Co (RDC) has secured a further $9 million in funding from Acorn Capital, rounding out a $37 million Series B raise.
The numbers: The investment by Acorn Capital, a firm specialising in emerging companies, follows RDC's initial close of $28 million in November, which was led by Westpac and Nasdaq-listed cloud banking lender nCino.
The context: RDC, which has built an AI decisioning platform for business and commercial lenders, said the new funding will accelerate its expansion in North America, where "significant demand for advanced AI solutions is driving growth".
RDC has been expanding its team and operations in North America for the past two years and signed NYSE-listed M&T Bank as its first US customer in May.
The investment will also strengthen RDC's position as a leading AI decisioning platform provider in the global banking sector, the company said, supporting ongoing efforts to provide advanced AI solutions to financial institutions.
What they said: RDC CEO and co-founder Ada Guan said: "This capital injection ensures we have the runway needed to significantly grow our North American operations."
"Our recent partnership with nCino and M&T Bank highlights our commitment to expanding our footprint and delivering a cutting-edge AI decisioning platform that enhances risk management, lending strategies, and regulatory compliance for financial institutions," he said.
Andrew Burt, investment director at Acorn Capital, said: "RDC is a clear market leader in developing and commercialising AI that enables banks to drive both stronger growth in lending and efficiency in credit management.
"We look forward to working with Ada and the RDC team to support their continued success in commercialising RDC’s proprietary technology in Australia and internationally, with a particular focus rapid expansion in the US market."
The source: Rich Data Co media release
