India’s adtech firm InMobi on Wednesday announced that it has secured $100 million in debt financing from MARS Growth Capital, a joint venture between MUFG and Liquidity Group, to help further its AI development plans.
This transaction is touted to be the largest to date for Singapore-based venture debt firm Mars Growth, which invests in future-ready AI platforms in APAC and Europe.
InMobi will use the funds to advance its AI development and deployment efforts and finance potential AI-related acquisitions.
The company believes AI to be the bedrock of both InMobi’s consumer and enterprise business. Development of AI capabilities, through both organic and inorganic means, would help deliver a far more immersive personalised way for brands to better engage with consumers, it said in a statement.
“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 launched its first equity fund with an initial commitment of $500 million, marking its official foray into the equity space in October last year.
MARS Growth Capital uses an AI-based credit model developed by Israel-based Liquidity Capital to analyse and fine-tune deal flow. This “hybrid model” comprises a mix of AI and on-hand human expertise, enabling MARS Growth Capital to accelerate its decision-making processes, the company had stated in a statement then.
