East Ventures Leads IDR 29 Billion Investments in Big Data Startup Bonza
Venture capital firm East Ventures led the funding of US$ 2 million or around IDR 29 billion to big data analysis startup Bonza. Another participating investor is Elev8.vc. Bonza achieved profitability in its first year of operation.
“What makes Bonza different is that our platform removes the friction and obstacles that organizations face when creating and implementing data-driven solutions,” said Co-founder and CEO of Bonza Elsa Chandra in a press release, Thursday (6/5).
He said the fresh funds would accelerate the vision of becoming the leading data platform company in Southeast Asia. Currently, Bonza is developing a no-code platform that supports corporate clients in processing data and using artificial intelligence (AI) solutions.
The company’s no-code approach to implementing data analytics and AI enables technical and non-technical teams to build and deploy data-driven solutions at scale.
Organizations can also integrate multiple data sources, then build and deploy machine learning models in a responsive user interface.
Elsa gave an example, one of the merchants in e-commerce who used the Bonza solution to get a 360-degree view of customers.
There are also fintech players who build fraud detection machines in real-time, as well as monitoring tools to gain insights from different places and unstructured data sources. It aims to reduce fraud.
Elsa also claimed that one of the clients experienced an increase in transaction volume or GMV three digits or 100% more every quarter since using Bonza.
“This is because they have succeeded in increasing marketing effectiveness and reducing customer churn by utilizing real-time analytics,” he said.
Planning to Build a World-Class Engineering Team
With additional capital from East Ventures and Elev8.vc, Bonza plans to build a world-class engineering and data science team. In addition, “accelerating platform development and market expansion throughout Southeast Asia,” said Elsa.
Chief Product and Data Officer of Bonza Philip Thomas added, clients can get added value from data. “Bonza is on a mission to enable organizations to go beyond static dashboards and to operationalize data analytics and AI solutions at scale,” he said.
They met while working at Traveloka. Both of them feel the benefits of the big data model in making business decisions at Traveloka, by accelerating the presentation and increasing the quality of insight. Therefore, they decided to found Bonza.
Co-founder and Managing Partner of East Ventures Willson Cuaca said, the need to build a data infrastructure has become something that is inevitable for all organizations.
The Bonza no-code platform is considered to accelerate the implementation of data modeling needed by companies to remain competitive.
“Elsa and Philip did well last year. We are very pleased to invest in Bonza again and strengthen our support for them,” said Willson. East Ventures provided seed funding to it last year.
Bonza is Considered Agile in Utilizing Data from Various Sources
Managing Director of Elev8.vc Aditya Mathur added, companies that will develop are those that can nimbly utilize data from various sources, whether structured or not. Because, they will get important insights in real-time.
The Bonza platform is considered capable of doing this, enabling businesses at any scale to combine large-scale data into insights. “This can be followed up in a matter of minutes with low-code or no-code,” he said.
In early 2020, Bonza, a big data analysis company, announced seed funding from East Ventures. The fresh funds from East Ventures will be used to develop the technology and products, as well as support the company’s business expansion.
Bonza builds a product that can be used by everyone in the company, from data analysts who need products to simplify data processing to company leaders and frontlines who need data to take the right steps.