Artificial intelligence (AI) startup Element Inc announced a US$12 million Series A funding round led by Indonesia-based GDP Ventures and US-based PTB Ventures.
Also participating in the funding round are several leading Indonesian corporations BCA (through its investment firm Central Capital Ventura), BRI (through its investment unit), Telkom Indonesia (MDI Ventures), and Maloekoe Ventures in partnership with the Philippines’ Ayala Corporation.
PTB Ventures Managing Member David Fields and GDP Ventures CTO On Lee will also join board of directors in Element Inc.
Existing investor Pandu Sjahrir also participated in the current funding round.
Element Inc was founded by Adam Perold (Stanford-graduate product designer) and Yann LeCun (renowned machine learning researcher) in the US. LeCun is a professor at New York University and was the director of AI research in Facebook.
The startup develops and distributes a mobile-based software platform that creates biometric identity. It produces end-to-end biometric solutions for global immunisation initiatives. The technology enables early diagnosis, provides identity source for healthcare providers, and opens greater access to financial inclusivity.
Element Inc mobile technology makes it easier to save and utilise an individual’s identity, from their face to finger print. The technology is able to transform how services such as banking and healthcare manage their customers’ data.
“Our mission at Element is to provide identity to billions of people who need it. We would like to build a more efficient and inclusive society. At the moment, the opportunity to conduct digital transformation in Asia and Africa is very exciting. We feel honoured to be able to join these world-class partner companies,” said Element Inc Co-Founder and CEO Adam Perold in a press statement.
In Indonesia, Element Inc has set up its operations by appointing Rizki Suluh Adi as head of its local operations.
Commenting on the investment, GDP Venture CEO Martin Hartono said that, “GDP is always open for global investment that will give great impact to development in Indonesia, the fourth largest population in the world. By investing in Element Inc, we have an opportunity to make progress in AI technology, particularly in the matter of digital identity security, which can be implemented into various sectors in Indonesia.”
“In the past years of our operations, we have been looking into leading AI companies in Asia, the US, Canada, and Europe. The end-to-end AI technology that Element produces for mobile and cloud platforms is very unique,” GDP Ventures CTO On Lee added.
Telkom Indonesia Director of Digital & Strategic Portfolio David Bangun added that, “At the moment, Telkom has 180 million cellular service subscribers and business units that work on national-scale IT infrastructure, including cloud, broadband solutions, and security. By fostering partnership with Element Inc., we see many opportunities to collaborate to benefit our customers on a grand scale.”
The article GDP Venture dan PTB Ventures Pimpin Pendanaan untuk Startup Artificial Intelligence Element Inc was written by Amir Karimuddin for DailySocial. English translation and editing by e27.