Singapore-based artificial intelligence (AI)-powered data analytics platform Tuple Tech on Wednesday announced that it has raised seed funding of $1 million from Johnson Chng, Venture Partner and Managing Director at Silk Road Finance Corporation, and a few other private investors.
Commenting on the announcement, Anmol Mohan, Founder and CEO said, “With customers consuming content at ‘blazing’ speed, brands of the world have been in competition in strategising the best methods to reach their audiences. According to findings from E-Nor, a US-based digital analytics consultant, only 3% of the biggest global brands are using digital analytics correctly.”
He added, “We will use this funding to focus on our hiring efforts – recruiting expertise in account management, databases, network security and machine learning. With these specialisations, we want to build a strong team that will be well-versed in handling large enterprise clients, deliver quality services as well as continuously R&D in new technologies – eventually expanding our regional presence in Southeast Asia.”
Other Singaporean AI startups to recently raise funding include Active.Ai that raised an $8.25-million Series A financing round led by Vertex Ventures, Creditease Holdings and Dream Incubator in November last year, and Taiger that closed its S$8 million ($5.87 million) Series A round, led by Tembusu ICT Fund I and state-backed investor SGInnovate in August.
Founded in April 2016, Tuple Tech has developed its proprietary AI platform to specifically focus on identifying opportunities as well as the costs of its clients’ businesses – where it collates publicly available information from the Internet, including the deep web, to enhance its clients’
The firm’s platform is also capable of self-generating AI algorithms and selects the most suitable model for each client – where it also enabled with a feedback loop by conducting marketing on the end users and bring back data through self-learning over time. This concept
can help save up to 16 hours a week for sales & marketing professionals, Tuple claimed.
According to Crunchbase, Tuple raised SGD30,000 in seed funding from The FinLab in May 2016.
Currently, Tuple Tech is working with big conglomerates spanning across industries including advertising, banking, cryptocurrency and manufacturing. It has a team comprising 25 people, and a development office in India.