Local security and medical response marketplace AURA has announced that it has secured R62 million in funding.
This was accumulated during a Series A funding round led by MultiChoice Group, KLT Holding and Buffet Investments. This, AURA says, positions it favourably for global expansion.
“We are gearing some of the funding towards hiring top talent to head up each new region while growing teams in established regions – especially our tech team. The result is stronger relationships and value propositions for suppliers at all levels in the marketplace,” AURA co-founder, Ryan Green said.
Earlier this year AURA expanded into Kenya, as well as the UK. At the moment the service boasts over 400 000 users in South Africa.
The firm says that the COVID-19 pandemic has lead to a boom in the security sector hence AURA’s appetite for expansion. Interestingly, the firm only boasts 50 employees although it says it intends to double this figure over the next 12 months. While this seems low, much of the work that is done by AURA is possible because of artificial intelligence and machine learning.
“The marketplace uses artificial intelligence and machine learning to hone its system and ensure that the closest responders are dispatched to a distress call. This means that AURA response times are reduced because security companies are aggregated and dispatched from one trusted source with a birds-eye view of the situation. Response times drop from an average of 30 minutes to as low as one to five minutes,” AURA co-founder Adam Pantanowitz says.
Why is MultiChoice Group investing in AURA? In short, it may create long-term value for shareholders.
“To accelerate the evolution of our ecosystem by offering additional value-added services to our customers, we are investing in scalable and innovative technology platforms like AURA. Not only does it strengthen our service offering and enhance long-term value creation for shareholders, but it also drives economic development and job creation,” explains MultiChoice Group chief executive officer, Calvo Mawela.
