Machine learning startup MOLOCO raises $150 million in its series C funding round led by Tiger Global. Other investors like Smilegate Investment and Shinhan GIB also participated in the funding round.
The company plans to use these fresh funds to develop better transparent machine learning algorithms. MOLOCO also will use the funds to expand into various countries and high-growth markets.
The funding has increased MOLOCO’s market valuation to $1.5 billion. In the past years, the company had witnessed a growth of over 100% in its annual revenue generation. The tech firm’s platform enables businesses to buy advertising space in smartphone applications to display ads to the users.
Co-founder and CEO of MOLOCO, Ikkjin Ahm, said, “Until now, only the world’s largest technology companies have benefited from the power of exceptional machine learning. Our goal is to make machine learning models accessible to more businesses so that they can leverage their first-party customer data for better user acquisition, customer engagement, monetization, and growth.”
He further added that it has now become essential for businesses to activate their customer data in order to make better business decisions as consumer privacy restrictions are becoming stricter. David Sehyuk Park and Ikkjin Ahn founded San Francisco-based artificial intelligence and machine learning solutions developing firm MOLOCO in the year 2013.
The company specializes in developing programmatic advertising solutions for smartphones to allow its clients to optimize their monetization campaigns. MOLOCO has raised a total funding of $200 million till date.
Ikkjin Ahn said, “Our deep learning neural network models and data infrastructure were designed from day one to be flexible enough to ingest any type of commercial data and make exceptionally accurate predictions.”
He also mentioned that the company’s diversified growth in different industries proves the flexibility of its machine learning platform.