Leading AI decisioning platform provider Rich Data Co secures further $9 million in funding from Acorn Capital
Rich Data Co (RDC), an industry leader in Artificial Intelligence (AI) decisioning for business and commercial lenders, has secured a $9 million investment from Acorn Capital, a firm specialising in emerging companies.
This new funding will accelerate RDC’s expansion into North America, where significant demand for advanced AI solutions is driving growth.
The investment will also strengthen RDC’s position as a leading AI decisioning platform provider in the global banking sector, supporting ongoing innovation efforts to provide advanced AI solutions to financial institutions.
Over the past two years, RDC has been actively expanding its team and operations in North America. In May, RDC signed its first US customer, M&T Bank Corporation, the sixth largest commercial bank in North America and ranked among the top 20 banks in the US.
Acorn Capital’s investment follows the initial close of $28 million in November, led by Westpac and global cloud banking leader nCino, bringing RDC’s total Series B funding to $37 million.
Ada Guan, RDC CEO and Co-Founder, said, “Acorn Capital has a strong track-record in helping companies rapidly scale and their strategic support is invaluable to us. We were pleased to extend our Series B funding round to include their investment.”
“This capital injection ensures we have the runway needed to significantly grow our North American operations. Our recent partnership with nCino and M&T Bank highlights our commitment to expanding our footprint and delivering a cutting-edge AI decisioning platform that enhances risk management, lending strategies, and regulatory compliance for financial institutions.”
Andrew Burt, Investment Director at Acorn Capital, added, “Acorn seeks to invest in emerging Australian companies that demonstrate a strong product-market fit, possess a sustainable competitive advantage and are highly scalable. RDC is a clear market leader in developing and commercialising AI that enables banks to drive both stronger growth in lending and efficiency in credit management. We look forward to working with Ada and the RDC team to support their continued success in commercialising RDC’s proprietary technology in Australia and internationally, with a particular focus rapid expansion in the US market.”
