Avanseus raises $1.3m bridge finance from TNB Aura, SEEDS Capital

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.