Populix raises US$4.3m for AI-driven market research expansion

Indonesian technology-driven research company Populix has secured US$4.3 million in the first close of its Series B funding round. This investment was led by MSW V Asia Fund X, with additional backing from existing investors including Intudo Ventures, Altos Ventures, and Acrew Capital.

The funding comes at a time when the investment climate in Indonesia has faced a downturn, with the country experiencing a 34% year-on-year drop in total funding during 2024, Populix said. A report from DealStreetAsia highlighted the decline in Indonesia's investment activity as the steepest in Southeast Asia, with funding values plummeting by approximately 66%, or IDR 7.3 trillion (US$434 million).

"We are grateful for the trust from our investors to re-invest in Populix, even in the current investment climate," said Populix co-founder and CEO Timothy Astandu (pictured, right) in a release. "This funding encourages us to continue reinforcing our business fundamentals by developing services and leveraging technology to innovate in the future. In addition, Populix also aspires to expand its market to Southeast Asia based on strong demand from current clients."

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Founded with the aim of transforming market research in Indonesia, Populix has evolved significantly since its Series A round in 2022. In 2023, the company launched its Policy & Society Research service, offering essential insights for organisations and governments to understand public sentiment, policy impacts, and broader economic and social trends.

Populix has also pioneered the development of NeXa, an AI-powered research assistant designed to streamline research processes—from questionnaire creation to respondent access and data analysis.

Over the past year, Populix has doubled its project volume, with 65% of its business coming from repeat clients. The company has expanded its clientele to include sectors such as telecommunications and government, signalling its growing footprint in Indonesia's research industry.

Looking ahead, Populix plans to utilise its Series B funding to accelerate the development of AI-driven technologies. This includes training machine learning models to automate research processes and create synthetic respondents—artificial personas that can replicate human responses, enabling faster data collection.

Jeffrey Seah, founder and general partner of MSW Ventures, explained the shift in market research, noting that it has steadily moved from "primary analysis of collected sampling data" to "real-time intelligence sensing from aggregated audiences".

Seah added that making smart decisions quickly has become more important for businesses in Asia Pacific. As markets shift faster, companies are looking for accurate data and quick insights to stay ahead of the competition.

"We've known Populix since its pre-Series A stage and have followed its journey closely. We've witnessed how the company is democratising access to high-quality insights through its proprietary data pipelines and expansive network. By closing the decision lag between insight and action, Populix fuses the depth of traditional research with the immediacy of synthetic data and agentic AI—delivering strategic advantages with unprecedented speed, accuracy, and actionability," he said.

Other investors, such as Patrick Yip, founding partner at Intudo Ventures, also expressed strong confidence in Populix's future. "Even with recent market challenges, Populix has kept growing and proving its value through reliable, data-driven insights that businesses rely on. With new products in the works, we're confident Populix will continue to be a leading consumer insights platform in Indonesia and the region," Yip said.

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