Tencent leads $10m Series A for UK simulated reality tech startup SenSat

SenSat Founders, James Dean and Harry Atkinson. Source: SenSat

SenSat, a British company using artificial intelligence (AI) to create digital representations of real-world locations, announced on Tuesday the completion of a $10-million Series A round of financing led by Tencent Holdings.

Sistema Venture Capital, a venture capital firm focused on investments in growth-stage technology companies, also participated in the new round, SenSat said in a statement.

Some $94 trillion in infrastructure investment is required by 2040 to sustain global growth predictions and yet, infrastructure is one of the least digitized sectors in the global economy, lacking the automation and transparency that has transformed online industries.

SenSat, founded in 2018, creates digital representations of real-world locations, otherwise known as “digital twins,” which infuse real-time data sets from a variety of sources. The result is an accurate, digital and up-to-date copy of the real world in a machine-readable format. This enables offline industries, such as infrastructure, to make more informed decisions and accurate analysis, improving safety, cost-efficiency, waste generation, project collaboration, and carbon reduction.

The investment “aligns well with the ambitions of Tencent’s Cloud and Smart Industries Group,” said Ling Ge, chief European representative at Tencent Holdings, who will be joining the SenSat board. “We believe SenSat is well positioned to introduce mass digital automation to offline industries that have not yet engaged in the digital revolution; and we look forward to SenSat applying its platform to a broadening range of smart industries.”

Screenshot from SenSat’s platform Mapp®. Source: SenSat

“Infrastructure is the only sector to have had a 0% net productivity increase since the 1960s, with a history of inefficiencies in doing business, contributing to a staggering 61% of total UK waste. The result is an estimated $5.2 trillion direct economic loss per year. Knowing this, we see a huge opportunity in allowing computers and AI to analyze the real world in order to help us grow more sustainably – an area which SenSat is pioneering,” said Harry Atkinson, co-founder and Chief Data Officer of SenSat.

Proceeds from the latest funding round will be used by SenSat to recruit data scientists, mathematicians and software developers and drive its international expansion.

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.

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

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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.