Tencent, Pearson Back UK AI Startup Prowler.io in $24 Million Funding Round

Date : 05/20/2019 @ 9:57AM
Source : Dow Jones News
Stock : Tencent Holding Ltd. (PC) (TCEHY)
Quote : 40.55  -0.74 (-1.79%) @ 2:51PM
Tencent Holding Ltd. (PC) share price Chart

Tencent, Pearson Back UK AI Startup Prowler.io in $24 Million Funding Round

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By Adria Calatayud

 

U.K. artificial-intelligence startup Prowler.io has raised $24 million in a series B funding round which counted Tencent Holdings Ltd. (0700.HK) and Pearson PLC (PSON.LN) among its backers.

The funding valued the Cambridge, England-based company at $100 million. Other investors involved in the round include Amadeus Capital Partners, Atlantic Bridge, Cambridge Innovation Capital, Mandatum Life, Passion Capital, RB Capital and SGInnovate, Prowler.io said.

The company, which was founded in 2016 and develops AI technology for decision-making, said the funding will be used to support its product expansion and growth. Prowler.io is on track to deploy its technology in financial services, logistics and education during 2019, it said.

"Having initially focused on developing our AI platform, we are excited to be expanding our product offering into new verticals, underscoring the flexibility and innovative nature of our core technology," Chief Executive Vishal Chatrat said.

Prowler.io's most recent financing event was a 10 million-pound ($12.7 million) series A that closed on Sept. 4, 2017, according to Dow Jones VentureSource data.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

May 20, 2019 04:42 ET (08:42 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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