Venture capital investment in Singaporean startups has been faring well in the last few years with a lot of investments flowing in AI, IoT, analytics, data science and cloud startups. As the country is aiming to be the smart nation in the globe, there are has been a tremendous increase in the number of startups in the tech space. This article covers 10 leading startups in the emerging tech space that have the biggest war chest in terms of funding over the last two years. Singapore’s image recognition startup Trax Retail is the most heavily funded AI startup followed by ViSenze that received a fresh capital boost of $20 million.
This list is in alphabetical order.
Active AI
This Singapore-based Fintech startup uses artificial intelligence to deliver conversational banking services where they use it to redefine their digital strategy for the future while bringing automation and ensuring insightful customer engagement. It uses NLP and machine learning to enable customers to have natural dialogues over messaging, voice or IoT devices. With AI, they are enabling banks to be ready for the conversational era.
Recent funding: In 2017, the company raised $8.25 million in a series A round led by Vertex Ventures, the venture capital arm of Singapore’s sovereign fund Temasek.
Advance.AI
This Singapore-based startup combines the best domain knowledge in big data, artificial intelligence and credit scoring to bring the next-gen data-centric platforms to transform traditional and emerging industries across the Asia Pacific. It provides offerings in anti-fraud detection services, AI Consultancy services, and lead generation platform that relies on data and analytics.
Recent Funding: The data-driven financial technology startup raised $50 million in a Series B funding round which was backed by Chinese investors, including Vision Capital, GSR Ventures, and Zhen Fund.
Aureus Analytics
The AI-enabled platform by Aureus enables insurers to deliver a superior customer experience while enabling greater customer retention, loyalty and lifetime value. They extensively leverage AI and machine learning technologies to deliver actionable insights at the point of decision. They also have cloud-based analytics products that enable insurers to leverage vast amounts of internal and external data to deliver a superior experience to their customers.
Recent funding: The startup recently raised $7,50,000 as closing investment from Connecticut Innovations, a US-based venture capital arm. The investment is part of a total fundraiser of $3.1 million
Crayon Data
Founded in 2012, it is a fast-growing AI and big data company and is using data to deliver world-class solutions to industries such as banking, e-commerce, travel and hospitality. Their unique personalisation engine, maya.ai delivers digital and personal experiences centred around taste.
Recent funding: There were talks of the company raising Series B round of funding to the tune of around $11 million from existing and new investors. It has already raised $18 million so far, from investors including Tata, Gopalakrishnan, Jungle Ventures, Mitsui & Co, among others.
Lynx Analytics
A brainchild of a group of INSEAD students and professors, Lynx Analytics uses a lot of technologies such as graph analytics, AI and machine learning. Its award-winning technology is deployed by leading communication service providers, and an increasing number of other data-rich enterprises – with the primary aim to regain control over customer satisfaction and drive critical business impact.
Recent funding: The company raised US$10m in seed funding. The investment came from an undisclosed single strategic investor valuing the startup at some US$66 million
Nugit
Strongly believing in the power of data storytelling, Nugit believes in putting a human perspective on the changing world of the digital era. It goes beyond a dashboarding while democratising data so that the audience can connect the dots and find opportunities that matter. It is essentially a data storytelling platform that integrates the client’s data sources and utilises the power of AI to effectively communicate the data.
Recent funding: It raised $5.2 million in fresh funding from Sequoia Capital’s India fund in 2016.
Tookitaki
Tookitaki uses machine learning to construct an automated model to simulate the hide/seek behaviour in humans. Founded in 2014, this Singapore based company is led by a core team with cumulative 150+-years’ experience in finance, AI, Big Data Analytics and financial crime. Using these technologies the company provides enterprise software solutions that create sustainable compliance programs for the financial services industry.
Recent funding: It is backed by investors such as Jungle Ventures, Spring Seeds (Singapore Government) and have a presence in the US, Singapore and India. Their funding amount is undisclosed.
Trax
A computer vision company, the unique technology by Trax uses a combination of image recognition, deep learning and data science to turn shelf images captured with mobile devices, fixed cameras or robots into real-time actionable insights. These recommendations and predictions, in turn, helps customers measure and monitor their in-store execution performance and explore other opportunities.
Recent funding: In July 2018, Trax raised $125 million in a new round of venture funding led by Boyu Capital, amid the plans of going public.
Tuple Technologies
Powered by proprietary predictive AI technology, Tuple enables a complete customer growth by leveraging cutting edge automation to unify data, find profitable deals, predict customer behaviour, target customers and finally drive purchases. It uses predictive big data technology to suggest actions to generate more revenue and reduce cost.
Recent funding: In 2018, the company raised a US$1 million seed funding round from Johnson Chng, Venture Partner and Managing Director at Silk Road Finance Corporation, with other undisclosed angel investors.
ViSenze
Using deep learning and computer vision, this startup is delivering intelligent solutions that simplify consumer journey on search, discovery and recommendation of products. It serves industries such as brands, retailers and publishers. Using ViSenze companies can convert images into immediate product search opportunities, simplifying search experiences and uplifting conversion rates.
Recent funding: The AI startup raised US$20 million in Series C funding co-led by venture capital firm Gobi Partners and venture investor Sonae IM.
