Squirro, the AI intelligence and data insights solution provider, is opening its new office in Asia. The purpose is to expand development in the APAC region.
Squirro, the AI context intelligence and data insights solution provider, is reportedly opening its new office in Asia.
The company is using its new office in Singapore as a way to expand in the Asia-Pacific (APAC) region that is known as a major innovation hub.
Squirro`s services are used by financial services companies and organizations like Wells Fargo, Investec and SwissRe. The Singapore office is the company`s fifth one. The other four are situated in Europe and the USA. This international expansion follows the successful $10 million Series B funding round in July 2017. At the time, the company received investments from Orange Growth Capital and Salesforce Ventures, among other investors.
“Our continued international expansion reflects the growing maturity of AI and machine learning, technologies that are finally starting to deliver on the promise and hype.”, said Dr. Dorian Selz, CEO at Squirro, who spoke to Finextra.
He elaborated making a point that opportunities for financial services in the APAC region are growing as FinTechs take a leading role. According to Selz, technology has prompted an evolution in the industry. In other words, there is a shift from traditional financial services to financial technology. For example, Squirro`s new AI platform TRINITY addresses the challenges of dealing with 99% of the company data that is not addressed and provides companies with better customer knowledge as compare to what they used to have.
Selz added that Singapore was the obvious choice when it comes to launching a new office in Asia as it is one of the world`s most prominent financial centers.
“It gives us the perfect platform to work with FS firms in Singapore and the rest of the APAC region”, as he commented as quoted in Finextra.