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Mitsui increases AI investments by $58M

Mitsui increases AI investments by $58M

Japanese multinational Mitsui has funneled an additional $58M into Axiata Digital & Analytics (ADA), the Artificial Intelligence and data division of Axiata, a leading Malaysian telecom firm.

Valuation Status: The investment has pushed ADA's valuation to an impressive $550M.
Ownership: This transaction was effected through Axiata Digital Services (ADS), the parent company of ADA. This arrangement increases Mitsui's ownership in ADS to 20%. Subsequently, Mitsui now holds a 12.69% stake in ADA.
Industry Goals: ADA is ambitiously eyeing a unicorn status in the AI, data analytics, and digital transformation space.
Background: In 2019, Mitsui made its initial investment in ADS, then valued at $500M.Earlier this year, Axiata revealed plans to offload stakes in certain businesses as its debt rose to $7.9B amid overseas expansion ventures.

Besides Axiata and Mitsui, ADA has attracted investment from SoftBank, which contributed $60M for a 23% stake, and Sumitomo. In mid-2022, ADA acquired the ecommerce division of Singapore Post, Singapore's public postal service.