Singapore-based Taiger, a company that specialises in applied artificial intelligence (AI) solutions, announced Tuesday that it has raised $25 million in its Series B funding round, led by PacificBridge Asset Management, a Korean-American joint venture affiliated with TPG Capital.
The fresh investment, which values the company at $110 million, will be used to further increase the company’s geographic footprint with plans to launch in South Korea and Japan and to increase its footprint in South America.
Taiger is headquartered in Singapore with offices in Hong Kong, New York, Madrid, Mexico City, and Dubai.
Hong Kong-headquartered merchant bank and asset management firm MCM Investment Partners and anchor investor SGInnovate also participated in the funding round, which was closed nearly two years after Taiger raised S$8 million ($5.9 million) in its Series A round led by Tembusu ICT Fund I and SGInnovate.
Founded in 2009, Taiger said its AI solutions use human-like logic to automatically read, understand, and extract information, “overcoming the limitations of traditional machine learning”, including data availability, bias and quality, and guaranteeing accuracy.
Taiger founder and CEO Sinuhe Arroyo said the investment “marks a major milestone” for the company following a 2.5x year-on-year revenue growth. The company’s clients are mainly in the financial services and government sectors worldwide, with recent expansions into the legal and technology industries.
“We expect to see this momentum continuing for the next few years. We recently expanded into the legal sector, where we see tremendous opportunity, and we expect to close a number of new international clients later this year, further strengthening our global reach,” Arroyo said.
Taiger’s successful Series B funding comes at a time when there is growing investment focus on AI ventures not just in Singapore but in the Southeast Asia region.
Last May, Pencil, a Singapore-based creative AI company, raised $1.1 million in a seed funding round led by Wavemaker Partners. The other investors joining the round include SGInnovate and Entrepreneur First.
Singapore-based AI-powered property technology startup UrbanAgents also raised $1.5 million in seed funding early this month from Singapore-listed APAC Realty, FarSight Capital, and angel investors.
In June, Indonesian AI startup Prosa.ai also raised an undisclosed amount of Series A funding from local VC firm GDP Venture.
Tak Lo, founder of Hong Kong-based Zeroth, Asia’s first AI accelerator, told DEALSTREETASIA in December that the region has emerged as an attractive destination for AI investments, with several development programmes taking root in Asia.
Asia Pacific’s AI revenues were estimated at $450 million in 2017 and are projected to reach $12.5 billion by 2025, according to Statista.