FriarTuck, an Artificial Intelligence-powered workforce optimisation startup, has raised S$5 million (US$3.6 million) in Series A investment round from global health-tech company Royal Philips and existing investor SEEDS Capital, the investment arm of Enterprise Singapore.
The funding will fuel the Singapore company’s next stage of product development, strategic investments in deep technology, talent acquisition, and regional expansion in Southeast Asia.
FriarTuck provides WorkforceOptimizer, a pay-as-you-go solution that allows enterprises to improve workforce productivity, operation efficiency and business responsiveness. The product employs AI and mathematical optimisation techniques that predicts future labour demand, process millions of complex scheduling rules to automatically generate optimised schedules and dynamically redeploy workforce in real-time based on unplanned events.
WorkforceOptimizer optimises more than 20 million assignments annually and has over 60,000 users across healthcare, retail, and public sector organisations.
“Today’s CEOs think about building a lean, agile and flexible workforce,” said Alan Sevugan, Founder and CEO of FriarTuck. “They want solutions that can predict the future labour demand, optimise the scheduling of workforce and dynamically redeploy the workforce in real-time based on unplanned events to realise that vision.”
FriarTuck serves a range of industries like healthcare, retail and public sector. In healthcare, it not only optimises workforce planning across nursing, clinicians, ancillary and allied health, but also resource planning and appointment scheduling across treatment units like operating theatres, catheterisation labs, diagnostic imaging and endoscopy.
The NUS Enterprise-incubated startup also provides long-term and home-care organisations with an integrated and automated real-time scheduling solution that optimises caregiver (nurses, doctors and therapists) resources, increases productivity and revenue while decreasing travel, administration and call center costs.
“The ageing demographics is putting a strain on healthcare systems so there is a critical need to address issues, such as productivity of healthcare professionals and workflow efficiency, through innovations such as FriarTuck’s optimisation platform. This approach also reflects Philips’s transformation in shifting our focus towards digital technology to transform the delivery of care across the health continuum,” said Ivy Lai, Country Manager, Philips Singapore.