Rich Data Corporation secures $15 million to accelerate growth


Rich Data Corporation (RDC), an industry-leading AI credit risk management platform, has raised $15 million via a strongly supported and upsized funding round. The round introduced  new investor BMY Group and a small number of well-known technology / high net worth investors. 

Funds raised will enable RDC to accelerate its growth initiatives in Australia and offshore, including  into Asia, the US and Europe, as demand rapidly increases in finance sectors globally for ethical AI and machine learning-based technology platforms that integrate with legacy systems and provide  lenders with more accurate, transparent and compliant credit decision data and predictors of  borrowers’ future behaviour, revenue and expenses. 

Melbourne-headquartered BMY Group, a funds management firm that specialises in international  growth and scaling investment opportunities in the technology sector, was the largest investor in the  round, contributing over $12 million. With successful investments in high growth technology  platform businesses, BMY Group’s insights and relationships will support RDC’s growth plans. 

BMY Group Founder & CEO Eric Gao will join the RDC Board as a non-executive director, bringing 15  years of professional experience in investment, wealth management and Fintech, that will further  enhance the RDC Board as it looks to rapidly scale its AI platform and grow in Australia and offshore. 

Commenting on the successful funding round, Rich Data Corporation Co-founder & CEO, Ada Guan said, “We are very encouraged by our substantially upsized funding round, and the strong level of  support shown by new investors, including some well-known technology specialists. I would also like  to thank BMY Group for its support and welcome Eric Gao to our Board. 

“Our ‘Delta’ platform is the finance industry’s most sophisticated risk management platform, using  explainable artificial intelligence and predictive machine learning models, traditional and alternative  data sources to provide more accurate, transparent and compliant credit decisions. 

“We have very strong demand from financial services companies around the world who want to  provide more access to credit that better suits their borrowers’ needs and propensity to pay. Our  pipeline from well-known banks and other financial services companies continues to rapidly expand,  underpinning our exciting growth trajectory.  

“This funding round supports us entering new lucrative markets in Australia and offshore, and will  have us well placed to deliver on our mission to deliver increased financial inclusion globally.” 

BMY Group Founder & CEO Eric Gao said, “The BMY Group has been an active investor with a broad  range of innovative technology companies – from global giants like Airbnb and DJI to Airtasker, 86400, Vbreathe and Openmarkets. We have been screening opportunities in the Data and AI  sectors for years. Rich Data Corporation is precisely the one we have been looking for. 

“We have a keen interest in identifying the rising stars of technology and providing additional  expertise and resources to help them grow, providing win-win-win results for the companies, our  investors and society with their positive impacts. Rich Data Corporation is a highly skilled team with  a deep understanding of how artificial intelligence can provide more ethical access to credit, so were  a natural fit for us. I look forward to embarking on their journey to increase financial inclusion.” 

Market Eye acted as Rich Data Corporation’s corporate advisor on the capital raising, with BMY  Group introduced to the opportunity by Adastra Corporate Advisory

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