Singapore data startup Percipient closes $712k seed round

Navin Suri, CEO (L) and Ai Meun Lim, CPO (R)

Singapore data technology startup, Percipient, has closed its seed funding round of S$1 million ($712,555), with participation from an influential group of individual investors. Among them are three US-based IT leaders, with long careers in Fortune100 financial services companies, the company said.

The funds raised in this round will enable Percipient to deepen its R&D efforts, add key hires, expand its operations in the Asia-Pacific region, and build an onshore presence in the US, it added.

The investors include Mark Torkos, a partner of PruVista Capital with over 30 years experience in managing and leveraging technology and over 23 years of experience in Consumer Banking Technology. From 2011 to 2016, Mark served as the CIO for Citigroup’s Global Consumer Group.

The other investors are Scott Tanguay, a partner of PruVista Capital, who also serves as an advisor to several consumer and commercial finance companies. He has had a 24-year career at Citigroup, and most recently held the role of Head of Operations for the Global Consumer Bank (2013-2016).

The third angel investor is Thomas Burke, Executive Chairman at StoneRiver, an insurance software company. Thomas served as the CIO for New York Life International from 2009 to 2011. Prior to this, Thomas headed the operations and technology function for Citigroup’s Global Consumer Investments.

In an email exchange with Lim Ai Meun, Chief Product Officer of Percipient, she shared with DEALSTREETASIA that India’s largest bank, SBI, was its first revenue-generating client and that it had delivered proofs of concept to banks in Singapore.

Percipient’s CEO, Navin Suri said the company’s co-founders decided to stay bootstrapped until it was able to complete their first product trials at several large financial institutions. They believe this helped Percipient win the trust and confidence of their investors.

He said, “Their support is a strong validation of our ability to solve enterprises’ deep-rooted data technology challenges. Plus they see our innovative solutions having global appeal. We view Mark, Scott and Tom not just as investors but as mentors.”

Percipient claims to help enterprises integrate their data in a more efficient, secure and affordable manner than traditional solutions through its flagship in-memory data discovery platform UniConnect.

The platform is designed to facilitate the use of data sourced from multiple and heterogeneous data sources. This includes APIs, blockchain, and IoT devices, without needing the creation of multiple copies of the same data.

Lim explained to this portal: “UniConnect brings together and turbo-charges all the data that an enterprise needs to make critical business decisions. Today, enterprises use less than half of the data that they are collecting. The is like making a pasta dish with just half the necessary ingredients. UniConnect enables enterprises to mine very large amounts of data at high speed, without requiring existing systems to be replaced.” 

Also Read:

Singapore: Saleswhale closes $1.2m seed led by GREE Ventures

Sycamore Media secures $1.2m in seed funding from REAPRA

Singapore: BeLive closes $1.5m seed; Triptease expands to city-state with $9m Series B

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.