Bonza, an Indonesian Big Data analytics startup, has secured US$2 million in a funding round led by early-stage VC firm East Ventures.
Elev8.vc, a B2B-focused VC fund based in Singapore, also participated.
The round comes almost a year after it raised an undisclosed seed funding.
Bonza intends to inject the newly raised capital to accelerate its vision to become a leading data platform company in Southeast Asia and to further develop its platform offerings.
Founded in 2020, the idea of Bonza hit co-founders Elsa Chandra and Philip Thomas when they witnessed how Big Data models accelerated the speed and quality of insights to make data-driven decisions in Traveloka, a company where both worked before.
During their time in Traveloka, they saw an opportunity to help other companies in Southeast Asia to tackle their data challenges and use data more effectively for decision making.
Bonza’s no-code approach for data analytics and AI deployment helps technical and non-technical teams to build and deploy data-driven solutions at scale.
With its platform, organisations can integrate disparate data sources in the organisation into a single source, build and deploy Machine Learning models — all within its user interface.
One of its use cases includes when its fintech consumer client created a real-time fraud detection engine and monitoring tool to reduce fraud rates within the platform.
The company claims to have achieved profitability within just a year of operations.
“Getting value from their data is a global problem that organisations face, and Bonza is on the mission to enable organizations to go beyond static dashboards and operationalize analytics and AI solutions at scale. When speaking to customers, we found many data teams spent more than 50 per cent of their time preparing data for reporting. With our platform, they are able to automate these data workflows and focus on building and deploying data solutions easily to drive impact,” Thomas said.
“Every business today, regardless of size, has access to enormous amounts of business-related data. The companies that will thrive are the ones that can nimbly harness these data – from disparate structured and unstructured sources — to provide real-time, evolving, and mission-critical insights,” added Aditya Mathur, Managing Director, Elev8.vc.
Image Credit: Bonza
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