AI-based predictive maintenance software firm Avanseus Holdings Pte has raised a $1.3 million bridging finance through convertible notes led by TNB Aura Fund.
The round was joined by SEEDS Capital, the investment arm of Enterprise Singapore.
With this funding, Avanseus will continue global expansion and add to its customer delivery capabilities.
The convertible notes issue comes after Avanseus secured its $2.5-million seed round in 2015. The company said, it was planning for a much larger Series A round.
The company’s Avanseus Cognitive Assistant is able to predict faults across telecom and other network types. Avanseus claims that it currently has customers in Europe, Asia and South America with a number of trials in other markets already underway.
“By using AI and proprietary algorithms, Avanseus has been able to achieve new levels of prediction accuracy and coverage for our customers, increasing uptime while driving down operational costs” said Bhargab Mitra, Avanseus’ CEO.
“Artificial Intelligence has been estimated to have a potential $5.8 trillion annual impact and is a clear focus area for the TNB Aura Fund,” said Vicknesh R Pillay, co-founder and managing partner of TNB Aura.
The TNB Aura Fund 1 is the first Southeast Asia partnership fund of Singapore-based TNB Ventures and Australian Aura Group. The vehicle focuses on data-driven B2B enterprises, and typically invests between S$500,000 and S$3 million ($371,000-$2.23 million).
In December 2018, the fund announced its final close of $22.7 million. In addition to Avanseus, it has also backed Singapore’s e-mail marketing platform Ematic, inventory management software TradeGecko and Vietnamese Internet services firm Teko.