EY Foundry, Ernst & Young’s incubator program for early-stage startups, has announced that it has accepted four startups from the accounting-tech, tax-tech, fintech, legal-tech, and regulatory-tech sectors into its Singapore batch.
These selected startups will be offered a 6-month rent-free residency at the EY wavespace in Singapore. They will also get US$87,708 worth of Microsoft Azure credits.
The participants were shortlisted through an open call for nominations from March to June in 2019, before delivering presentations to a judging panel of EY leaders at the official launch of EY Foundry Singapore on July 25, 2019.
“Singapore is a regional hub of choice for professional services, which is set to grow as an economic contributor. We are excited by how our experience, scale, and resources can help to unleash the potential of emerging technopreneurs in this space,” said Soh Pui Ming, Singapore Head of Tax, Ernst & Young Solutions, who was on the judging panel said.
Below is a brief description of the four startups:
A knowledge platform management powered by AI to build, maintain, and capitalise on institutional knowledge. Narus’s services include intelligent capturing that identifies and captures knowledge, context engineering that distinguishes knowledge from information and automate the process, customised ontology and graph database, NLP, smart visualisation that mirrors human memory, intelligent retrieval that enables targeted retrieval of knowledge from multiple devices.
An AI-enabled workflow tool that provides services such as fund management to legal and professional services and automated-due diligence to reduce cost and risk for interconnected companies. Notarum also assists with flagging and removing suspect characters and eliminating companies’ regulatory risk.
Also Read: 3 startups shaping AI in Southeast Asia
A consent-based data management platform to help businesses collect, maintain, and use customer data in a way that is compliant to Personal Data Protection and Privacy. The Regit platform can be used for events, registrations, surveys, or even EDMs and the built-in compliance feature eliminates the arduous work of having information consented.
A finance automation tool that uses AI to automate accounting, finance, and paperwork in business. Staple’s technology allows for ingesting financial documentation by letting users send the documents to get account system up to date immediately.
Previously, EY Foundry had a successful run in Sydney, Australia in 2018. Singapore is the second country where EY Foundry has recruited startups from.