SINGAPORE, Aug 24 – Taiger, a Singapore-based company specialising in applied Artificial Intelligence (AI) solutions, has successfully closed its Series A round. The S$8 million funding was led by Tembusu ICT Fund I and included SGInnovate, in a boon to Singapore’s efforts to become a leader in AI.
Taiger specialises in information access and knowledge extraction, with technology which applies a hybrid between the symbolic and probabilistic disciplines of AI. Taiger’s AI solutions are taught to read and understand information as a human worker does, transforming completely 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 taken the world by storm – organizations, from the big players in technology to governments, are aggressively pumping up R&D efforts and investments in this area. Yet most of the companies in the increasingly crowded AI space come from a pure Machine Learning-based approach. Taiger takes a “humanistic” approach to AI, and is now set to further solidify its lead in this field.
Taiger’s iMatch solution is capable of automatically extracting, validating and interpreting information from documents, replicating the intelligence of a human worker. A large European bank has automated their corporate client on-boarding process with iMatch, translating into an 85% 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. Taiger’s vision is very much aligned with Singapore’s Smart Nation Initiative,” said Dr. Sinuhe Arroyo, CEO and founder of Taiger.
Dr. Sinuhe Arroyo added: “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.”
Mr. Brijesh Pande, Managing Partner of Tembusu ICT Fund I, said: “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.”
“We are proud to partner with Taiger to support the next phase of their exciting journey.” Taiger is an accredited company under the IMDA’s Accreditation @ IMDA Programme. MCM Partners acted as financial advisor and Morgan Lewis Stamford was the legal counsel in the transaction.