Singapore-based Artificial Intelligence company Taiger today announced it has closed US$25 million in Series B round of funding, led by PacificBridge Asset Management, a Korean and American joint venture affiliated with TPG Capital, and MCM Investment Partners, a global merchant bank and asset management firm headquartered in Hong Kong.
According to a press statement, this round brings Taiger’s valuation to US$110 million.
The funds will be used to further increase the company’s geographic footprint with plans to launch in South Korea and Japan, as well as to increase its footprint in South America, especially Mexico. Its anchor investor SGInnovate has further committed funds to accelerate Taiger’s growth in its home country.
“This investment marks a major milestone for Taiger following 2.5x year-on-year revenue growth. We expect to see this momentum continuing for the next few years. We recently expanded into the legal sector, where we see tremendous opportunity, and we expect to close a number of new international clients later this year, further strengthening our global reach,” said Sinuhé Arroyo, Founder and CEO of Taiger.
Taiger’s AI solutions use human-like logic to automatically read, understand and extract information, overcoming the limitations of traditional Machine Learning, including data availability, bias and quality, and guaranteeing unrivalled levels of accuracy.
The company’s clients are mainly in the financial services and government sectors worldwide, with recent expansions into the legal and technology industries.
Besides Singapore, the startup has offices in Hong Kong, New York, Madrid, Mexico City and Dubai.
“With this funding and Taiger’s innovative technology, the company is well-positioned to capture growth in the vast and explosive AI industry. We look forward to continuing to work with the company and its excellent team to realise its global ambitions. An interesting aspect of this fundraising is the participation by strategic investors in Mexico, which is unique for a Singapore-based corporate, and demonstrates the increasing mutual interest between Southeast Asia and Latin America,” said Adrian Valenzuela, Co-Founder and CEO, MCM Partners.