Singapore-based data analytics startup Tuple Tech today announced that it has raised a US$1 million seed funding round from Johnson Chng, Venture Partner and Managing Director at Silk Road Finance Corporation, with other undisclosed angel investors.
Founded in 2016, the startup offers an artificial intelligence (AI) platform that identifies opportunities and costs for its clients.
It collates publicly available information from the internet (including the deep web) and is currently working with clients from the advertising, banking, cryptocurrency, and manufacturing sectors.
In an email to e27, Tuple Tech Founder and CEO Anmol Mohan wrote that the funding will be used to support talent acquisition.
“We are aiming to hire data scientists, data engineers, back-end developers, graphic and UI designers to our development team in India. We will also investing heavily on R&D so that we can stick true to our vision to come up more innovative products. Simultaneously, we also need account managers with client management and technical expertise, sales and business development managers in the headquarters at Singapore,” Mohan explained.
“We are targeting a team of 20 people at Singapore and about 30 people in India. This would help us to reach our targets in terms of serving more customers and completing our pipeline of new products,” he added.
The founder also cited plans for regional expansion, starting from Southeast Asia (Malaysia and Indonesia) to China and Hong Kong.
“We were very selective during our investment round. One of the criteria that we looked at was not just to have the investment but also right partners who can bring our technology to a lot of domains and regions,” Mohan said.
The company also has plans to enter Oceania in the long run.
“We believe Australia and New Zealand to be a great place to expand as we have already explored some potential opportunities to work through partnerships in this financial year,” he added.
Run by a team of 25, Tuple Tech placed its headquarter in Singapore and its development office in India.
The company’s history began in 2014 when Mohan was heading the data team at German wholesaler company Metro.
Having to acquire, clean, and analyse data from 30 countries on daily basis, a partner once jokingly asked Mohan about automating the whole process.
“Traditionally, data analytics is being done by either big consultancy companies or some basic tools and platform which are mostly limited to descriptive analytics. With such a high quantum of data being generated nowadays, all companies are realising the need to draw insights from the data. However, research in applying intelligence to corporate data is limited,” he explained.
“Very few companies have looked into a methodology to automate the analytics using AI and to add more value to the business. Hence we came up with this idea of platform-as-a-service where the technical redundancies are handled by AI,” he concluded.
Mohan then moved to join dating platform Paktor in 2015 before finally applying to the Finlab accelerator programme with the idea of building a plug-and-play platform to do predictive analytics.
Image Credit: Tuple Tech