Singapore-based AI and predictive analytics provider AIDA Technologies has raised an undisclosed sum in a Series A funding round from US-based payments giant Mastercard Inc, Kuok Ventures and SGInnovate, according to an announcement.
The investment will support AIDA’s deepening penetration into existing markets and expansion into North Asia, especially Hong Kong and Japan, said AIDA chief executive Dr. Tan Geok Leng.
“It [the investment] provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions 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.
“Our investment approach prioritizes promising early-stage technology companies like AIDA, which have potential to become key enablers to other businesses in the wider Kuok Group portfolio,” said Kuok Meng Wei, Director, Kuok Ventures.
In addition to the current Series A investment, Kuok Ventures was also the founding seed investor in the company.
Recently, Singapore’s SGInnovate invested an undisclosed amount in MediLOT Technologies, a blockchain startup in the healthcare industry. Last June, SGInnovate had made an undisclosed investment in AIDA Technologies.