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Leading open innovation challenge platform Agorize raises US$14.6 million in a Series B round to boost development in Asia

Agorize, a Cyberport Incubatee from France and a leading platform for open innovation challenges, has recently raised US$14.6 million in a Series B funding round. The funding will allow the company to step up its international expansion and to meet the growing demand for Open Innovation solutions from corporations in Asia, in particular.

The funding round was led by Creadev, Sofiouest, and Agorize’s existing equity holders, Iris Capital and Capnamic Ventures. 

 

Agorize’s Open Innovation SaaS (Software as a Service) platform allows companies to harness the innovative power of the Agorize community to find and develop practical solutions for strategic issues. Companies can post challenges on the platform to engage start-ups, developers, designers, students, and different experts to devise new solutions or to explore innovative opportunities.

 

For example, some of the platforms’ recent challenges include four top companies (AXA Hong Kong, Dragages Hong Kong, LVMH Fashion Group and Natixis) seeking ideas to reinvent their respective industries in the largest student business case competition in Hong Kong and Macao; Enterprise Singapore’s search for the best deep tech start-ups from around the world to attend SLINGSHOT@SWiTCH; and Singapore Airlines inviting solutions to improve its mobile app engagement and to track passengers’ F&B consumption.

 

Innovators who participate in these Open Innovation challenges can also benefit. For example, students can demonstrate their skills, developers and designers can collaborate with innovators from other backgrounds, and start-ups can get noticed by companies, find potential clients and project financing. This is no wonder the Agorize community now boasts a membership of 5 million innovators worldwide.

 

Since the company was founded in 2011, Agorize’s solution has already been adopted by more than 200 clients spanning various industries and sectors around the world. The company’s Asian arm, Agorize Asia, has organised challenges in more than 10 countries and regions for more than 50 leading companies, including Amazon Web Services, Hong Kong Jockey Club, AXA Hong Kong, and the LVMH Fashion Group.

 

Since landing in Hong Kong in 2016, Agorize has deployed sales teams and launched offices in Hong Kong, Singapore, and Japan. During this time, the company also entered the German and North American markets.