Consumer technology company InMobi on Wednesday announced the closing of a $100 million 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 SoftBank-backed company said.
This financing round will be used to deepen the company’s AI capabilities through both organic and inorganic means to deliver more personalised ways for brands to better engage with consumers beyond the standard ad unit, it added.
“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,” said Naveen Tewari, CEO of InMobi. He added that this funding will further accelerate its growth trajectory.
MARS Growth Capital invests in future-ready AI platforms in APAC and Europe. Utilising Liquidity Group’s AI and machine learning, MARS offers credit and equity financing ranging from $3 million to $100 million for mid-market, late-stage, and pre-IPO technology companies.
“Liquidity, through its JV with MUFG, Mars Growth, is committed to growing the Asian tech ecosystem,” said Ron Daniel, Co-Founder and CEO, of Liquidity Group and CEO, of Mars Growth. “As one of our largest transactions to date, this financing will help fuel InMobi's next phase of AI-led growth," he added.
“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,” said Navas Ebin, Head of APAC, Managing Director at Liquidity and MARS Growth Capital.
The company has two core businesses- Glance and InMobi Advertising. Glance, an AI-powered content discovery platform, delivers personalised content and entertainment directly to users’ smartphones, and InMobi Advertising offers data-driven media solutions.