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Sumitomo invests US$20M in Axiata unit

Japanese conglomerate Sumitomo Corp. has invested US$20 million in Axiata Digital Advertising Sdn Bhd., or ada, the digital services arm of Malaysian telco Axiata Group Bhd.

Sumitomo said July 27 that the capital infusion will help the company grow its digital advertising business across South and Southeast Asia.

It is looking to leverage ada's ability to combine data science, customer profiling and intent targeting across multiple media platforms. It plans to use technology related to artificial intelligence and big data analytics to strengthen ada's data management platform.

The personal mobile phone ownership and usage time of social networks in Southeast Asia is more than triple that of Japan's, Sumitomo said. Further, the region's digital advertising market is set to grow to US$5.30 billion in 2021 from US$2.70 billion in 2017.