Singapore-based machine learning insights provider AIDA Technologies announced that it has raised an undisclosed amount of Series A funding from Mastercard, Kuok Ventures of Kuok Group, and Singapore government-tied SGInnovate.
According to DealStreetAsia, the company noted that the investment will be focussed on supporting its market penetration and North Asia’s expansion, especially Hong Kong and Japan.
AIDA Technologies was founded in 2016 by its chief executive Dr. Tan Geok Leng. Tan Geok Leng was a senior fellow and executive director at A*STAR, the Singapore government’s research agency.
“The investment provides us the possibility to jointly develop product solutions with AIDA Technologies that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities,” said Rohit Chauhan, executive vice president (AI Center & Cyber Platforms), Mastercard.
Other notable investors, Kuok Ventures’ Director Kuok Meng Wei, highlighted that its group’s decision to invest in a move that seeks to prioritise promising early-stage technology companies just like AIDA. “AIDA has the potential to become key enablers to other businesses in the wider Kuok Group portfolio,” said Kuok Meng Wei.
In addition to the current Series A investment, Kuok Ventures was also the founding seed investor in the company. The conglomerate runs businesses in the property, logistics, hospitality, food, and agribusiness, as well as the maritime sectors with familiar entities include Shangri-La Hotels and Resorts, and oil palm firm Wilmar International.
Before investing in AIDA Technologies last June, Singapore’s SGInnovate invested an undisclosed amount in MediLOT Technologies, a blockchain startup in the healthcare industry.
“As an early investor in AIDA, we have worked closely with the founders to build their business, from start to growth. AIDA exemplifies a new wave of Singapore-born, deep tech startups with global potential,” said Steve Leonard, Founding CEO of SGInnovate.
AIDA Technologies claimed that it has insurance institutions in Singapore, Malaysia, Thailand, Indonesia, India, and Hong Kong as its clients.