Target Information

Whale, a Singapore-based artificial intelligence (AI) startup, has successfully raised US$60 million, approximately Rp985 billion, from a group of new investors, including MDI Ventures. The funds are aimed at expanding the company’s technological reach on a global scale. Whale has completed two consecutive funding rounds, specifically Series C1 and Series C2. In May 2025, during the Series C2 round, Whale attracted several strategic investors, such as BOSCH Ventures, MTR Lab, Singtel Innov8, MDI Ventures, and Gentree Fund. Additionally, Temasek and Linear Capital participated in the earlier Series C1 funding round concluded in early May.

Founder and CEO Jerry Ye stated that this funding marks a significant milestone in Whale's long-term journey to build intelligent AI infrastructure for visionary companies worldwide. Beyond mere financial support, the investors also provide industry leadership experience in sectors like mobility, connectivity, infrastructure, and deep tech. Collaborations with partners such as Bosch Ventures and MTR Lab will present new industrial opportunities for Whale, facilitating its expansion into the automotive, fashion, FMCG, and F&B sectors.

Industry Overview in Indonesia

The enterprise AI sector is rapidly evolving in Indonesia, driven by the growing demand for automation and data-driven decision-making across various industries. Companies are increasingly adopting AI technologies to enhance operational efficiencies and meet customer expectations. The country's digital transformation has led to significant investments in AI solutions, contributing positively to business growth.

Indonesia's diverse economy encompasses numerous sectors, including retail, banking, and consumer electronics, all of which have begun integrating AI solutions into their operations. From visual intelligence in fashion stores to voice intelligence in financial services, the scope for AI applications continues to expand. Moreover, there's a burgeoning interest from companies to leverage AI for regulatory compliance and customer interaction improvements.

The influx of venture capital investment, particularly from foreign firms, is also bolstering the growth of AI startups in Indonesia. Investors see immense potential in harnessing the capabilities of AI to innovate and create solutions tailored to local market challenges. This trend underscores the importance of support from established players in the tech industry as they look to collaborate with local startups.

Given the vast untapped market and the swift digitalization of various sectors, Indonesia presents a unique opportunity for AI enterprises to thrive. The ongoing investments will further intensify the competitive landscape, pushing companies like Whale to innovate continuously and distinguish their offerings.

Rationale Behind the Deal

The primary motivation behind Whale's investment round stems from the increasing need for sophisticated enterprise AI solutions in emerging markets. As businesses strive to modernize their operations, there is a palpable demand for AI-driven technologies that can facilitate improved efficiency and insights into customer behaviors.

This funding will enable Whale to expedite its go-to-market strategy and develop tailored AI solutions that address the specific needs of enterprises across various sectors. The strategic partnerships formed through this round of funding will also enhance Whale’s capabilities, ensuring they remain at the forefront of AI innovation.

Investor Information

MDI Ventures, the lead investor in this funding round, is a prominent venture capital firm based in Indonesia focused on technology-driven companies. Under the leadership of CEO Donald Wihardja, MDI Ventures is dedicated to nurturing the growth of Indonesian startups while facilitating their integration into the broader tech ecosystem.

MDI Ventures aims to support companies like Whale in maximizing their AI innovations, ultimately driving the adoption of AI technologies in the region. Given the robustness of the enterprise market in Southeast Asia, MDI Ventures recognizes the significant potential for growth and aims to position itself as an enabler of digital transformation in Indonesia.

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In analyzing this investment, one can argue that Whale represents a promising opportunity within the AI sector. The potential for innovative solutions tailored to the needs of various industries positions Whale well to capitalize on the growing demand for AI technology in Indonesia and beyond. The backing of established investors such as MDI Ventures and Bosch Ventures adds credibility and strategic guidance, which is crucial for a startup looking to navigate a competitive landscape.

Moreover, Whale's proactive approach to forming partnerships with industry leaders will vastly enhance its chances of market penetration, essentially creating a synergy that can tackle unique challenges faced by enterprises today. This collaborative strategy is key in a marketplace where agility and responsiveness to customer needs are critical.

However, the challenge remains in the execution of its expansive roadmap, particularly as Whale seeks to enter multiple industries simultaneously. It is essential for the company to maintain focus and ensure that their solutions effectively meet the diverse needs of clients without sacrificing quality or innovation.

Overall, the investment appears to be a strategic move that aligns with current industry trends, advocating for the development of intelligent and efficient AIs across sectors. With sustained demand for these technologies, Whale's initiatives may place it at the forefront of the enterprise AI revolution in Asia.

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