AI platform Rich Data Co secures $9m in funding from Acorn Capital

By Gloria Mathias

Rich Data Co. (RDC), an artificial intelligence (AI) decisioning platform 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 demand for advanced AI solutions is driving growth. The investment will also strengthen RDC’s position as an 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.

Acorn Capital’s investment follows the initial close of $28 million in November, led by Westpac and global cloud banking provider nCino. This brings RDC’s total Series B funding to $37 million.

Ada Guan, RDC CEO and Co-founder shared, “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 grow our North American operations significantly. 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, stated, “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 on rapid expansion in the US market.”