SGInnovate, which helps develop Singapore’s deep tech startup ecosystem, has made an undisclosed investment in AIDA Technologies, an AI startup that specializes in predictive analytics and intelligent systems, according to an announcement.
SGInnovate invests in deep tech startups from pre-seed through Series A stages. Steve Leonard, founding CEO, SGInnovate, believes that problems faced in different sectors can be tackled using deep tech such as AI systems and robotics.
Some of AIDA’s innovations include an AI engine that helps speed up the processing of health insurance claims from days to seconds. AIDA has also developed an engine that identifies inconsistencies in health claims instantaneously and alerts claims officers.
AIDA Technologies is led by Geok Leng TAN, CEO who formerly served as executive director of Singapore’s largest Infocomm Research Institute, A*STAR. SGInnovate will help the startup with productisation of its STP solution, as well as collectively generating potential sales leads.
“We want to use our various capabilities to boost AIDA’s growth, so their expertise in data analytics and machine learning can add real value to the banking and financial services industry,” said Leonard.
AIDA is the third investment made by SGInnovate in the financial services space, the others being Quantiply and Taiger. It also looks at sectors such as logistics, healthcare, blockchain, autonomous vehicles and medtech.