Nomad Venture Studio (NVS), a Kazakhstani developer of AI-based apps for international markets, has entered into a financing agreement with Singapore-based PvX Partners for up to $100m to support user acquisition, the launch of new products and expansion into international markets.
Under the structure, PvX provides capital to acquire new users, with NVS repaying the funds from revenue generated by those users. The founders are not required to give up equity and retain control of the business. Pricing, tenor, security and other terms were not disclosed.
The company was founded by Kazakhstani entrepreneurs Miras Sovetov, co-founder and chief executive, and Margulan Yermek. Sovetov described the financing as the largest deal in NVS's history and one of the largest for its partner.
Miras Sovetov, co-founder and chief executive, said: "The funds we have secured will enable us to enter new markets, launch new products and significantly accelerate our growth."
NVS's flagship product is JobEscape, an educational platform that helps users learn to use artificial intelligence at work. The product generates approximately $3m in monthly revenue, is used in 173 countries and offers materials in 19 languages. The company employs more than 70 people.
PvX Partners provided $10m of user acquisition financing to Vietnam-based app developer Tevo in September. At the time PvX said it had surpassed $750m in committed user acquisition financing for mobile gaming and consumer apps.