Singapore-based ADVANCE.AI, which develops digital identity verification tools, is reportedly looking to raise $200m in funding.
This funding round would bring the RegTech company’s valuation to be more than $1bn, making it the latest Southeast Asian unicorn, according to a report form Reuters which cites two sources familiar with the matter.
The lead investor to the round is Warburg Pincus, the report said. It is unclear who the other backers will be.
Following the close of the round, the company’s valuation is expected to be more than double than what it was at its previous funding round in 2019. ADVANCE.AI had raised $80m in the round, but its valuation was not revealed.
Investors to the round included Pavilion Capital and Gaorong Capital.
ADVANCE.AI helps companies improve their onboarding processes, with its biometric systems enabling simplified digital identity verification. For companies, the technology can also automate various paper-based tasks to remove time burdens and improve efficiency.
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