Kenyan AI startup UTU raises $500k round from Japanese VCs

Nairobi-based artificial intelligence startup UTU has raised $500 000 in a round in which at least two Japanese venture capital (VC) firms participated in.

UTU, which was founded in 2017 by Jason Eisen and Bastian Blankenburg, provides trust infrastructure for mobility, sharing, fintech, and e-commerce platforms.

It’s not clear where Eisen and Blankenburg are from.

The startup’s Trust API seamlessly serves up personalised recommendations for trusted service providers on sharing platforms to drive conversion, satisfaction, retention, and viral acquisition.

UTU was founded in 2017 by Jason Eisen and Bastian Blankenburg

Tech publication Disrupt Africa reported in an article yesterday that several Japanese (VC) firms, including Tokyo-based Kepple Africa Ventures and SoftBank Group subsidiary DeepCore.

Other investors that participated in the round include Artesian and Hong Kong based Animoca Brands.

Eisen told Disrupt Africa that the investment will give it enough runway to close a Series-A round which it it is currently raising. The startup, which also has an office in Mauritius, has reportedly raised $1.3-million in funding since it was launched.

Earlier this year UTU became one of the first African startups to conduct an Initial DEX Offering (IDO) on Binance’s decentralised exchange.

Featured image: UTU co-founder and CEO Jason Eisen (AE Ventures via Facebook)