April 11, 2018

Element Inc Announces Series A Financing Led by PTB Ventures and GDP Venture

“At Element, our mission is to deliver identity to the billions who need it, to help build more efficient and inclusive societies. The opportunity of digital transformation across Asia and Africa could not be more exciting” said Element Inc co-founder and CEO, Adam Perold. “We are humbled to join hands with this world class group of partners.”

The $12 million Series A round was led by PTB Ventures and GDP Venture, with additional participation from a number of the largest banks and telecom carriers in South East Asia, including Bank BCA, the largest private bank of Indonesia, via their venture capital unit Central Capital Ventura, Bank BRI, one of the world’s largest micro-finance institutions and the largest lender by assets of Indonesia, via their venture capital unit, Telkom Indonesia, the largest regional telecom carrier, via their venture capital unit MDI Ventures, and Maloekoe Ventures whose limited partners include Ayala Corporation, one of the oldest and largest conglomerates of the Philippines, with subsidiaries including Bank of the Philippine Islands, and Globe Telecom, among others. David Fields, Managing Partner of PTB, and On Lee, CTO of GDP, will join the company’s Board of Directors. Early investors include Pandu Sjahrir, Scott Belsky, Box Group, SMDV, and Recruit Strategic Partners.

Element was co-founded by Adam Perold and Yann LeCun, a pioneer of the modern artificial intelligence field, to develop and distribute a mobile-based, software-only platform for biometric identity. The company’s end-to-end biometric solutions are being used to build global immunization platforms, enable connected diagnostics, provide a digital identity resource for healthcare providers, and empower access to financial services, among others.

“Identity inclusion is a precursor to financial and health inclusion” said David Fields, Managing Partner of PTB Ventures. “Element is a game-changer in turning any mobile device into an access point for identity. With key partners spanning the banking, healthcare and telecom sectors, we believe that Element has the potential to transform the way billions of people access the essential services that are core to everyday life. It’s a privilege to be working with an AI company tackling social problems that build both human and financial capital on a global scale.”

“GDP Venture is always open to global investment that can bring significant benefits for Indonesia, the world’s fourth-largest population. By investing in Element, we see an opportunity to advance the technology of Artificial Intelligence, especially the security of digital identity that can be applied in various fields in Indonesia” said Martin Hartono, CEO of GDP Venture. “Over several years, we’ve vetted the top artificial intelligence companies in Asia, the United States, Canada and Europe” said On Lee, CTO of GDP Venture. “The end-to-end AI technologies Element has built for mobile and cloud deployments is unlike anything we’ve seen.”

“With 180 million mobile subscribers, and business units providing national-scale IT infrastructure including cloud services, broadband and security solutions, Telkom Indonesia is foundational to the advancement of digital innovations in the country” said David Bangun, Director of Digital & Strategic Portfolio, Telkom Indonesia. “Partnering with Element has led to many opportunities of collaboration, which will provide a number of benefits for our customers at large scale.”

“At the Ayala Group, we view the digital transformation taking place as an opportunity to reinvent ourselves and harness the benefits arising from these changes. We have started to participate in opportunities that are complementary to our existing businesses in banking, telecom, healthcare, and education, among other industries. We will endeavor to work with Element on this front and help more Filipinos gain access to key services under this digitalized environment,” Ayala Chief Financial Officer, TG Limcaoco, said.

“This is a model case of product-market-fit in emerging Asia, and a core strategic alignment with the partnerships behind Maloekoe Ventures” said Adrien Gheur, Managing Partner. “The problems that Element is solving have fundamental importance to the banking, healthcare, and telecom industries of the region, at a time of terrific growth and opportunity.”

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