Singapore AI provider seals $8m funding – goal for country to become a leader
Taiger has successfully closed its Series A round to bring S$8 million in what the company says is a boon to Singapore’s efforts to become a leader in artificial intelligence (AI).
The Singapore-based company that specialises in AI solutions says the funding was led by Tembusu ICT Fund I and included SGInnovate.
Taiger specialises in information access and knowledge extraction, with technology that applies a hybrid between the symbolic and probabilistic disciplines of AI.
According to Taiger, the company’s Ai solutions can read and understand information just like a human worker can, which essentially completely transforms unstructured information to valuable knowledge for businesses and their customers.
The funding comes from Tembusu ICT Fund I, the only software-focused venture capital fund in Singapore and one of the six funds selected by the National Research Foundation of Singapore (NRF) as part of the Early Stage Venture Fund II scheme. SGInnovate, a government-owned entity which operates under the NRF, has also participated in this round.
AI has completely taken over the world with organizations from the major players in technology to governments aggressively pumping investments and R&D into this area.
CEO and founder of Taiger, Dr. Sinuhe Arroyo uses the example of a European bank that automate their corporate client on-boarding process with Taiger’s solution, translating into an 85 percent drop in cost and a reduced processing time from weeks to a matter of minutes.
"We're talking about drastic reduction in cost, huge productivity gains, and of course, allowing workers to focus on higher-value work. We're definitely excited to have Tembusu Partners and SGInnovate on board,” says Dr. Sinuhe Arroyo.
“Taiger's vision is very much aligned with Singapore's Smart Nation Initiative. We're honored to be recently awarded the accreditation status by the Info-communications Media Development Authority (IMDA) and partnering them to contribute to Singapore's digital transformation. With funding secured, we can now focus on pumping up our sales and R&D efforts here in Singapore and expanding our presence worldwide.
Managing partner of Tembusi ICT Fund I, Mr. Brijesj Pande shares these sentiments.
"Taiger integrates the latest technologies in AI and semantic computing, enabling them to create innovative, contextually relevant and highly scalable deep learning solutions in areas such as information extraction, virtual assistants and enterprise search,” says Mr. Brijesj Pande.
“We are proud to partner with Taiger to support the next phase of their exciting journey."