(left) CEO & Co-Founder of Ailytics Tan Wei Zhuang (Lenard) with Prateek Manocha, Co-Founder & CTO
Singapore-based B2B startup Ailytics, which utilises AI-powered video analytics solutions to help heavy industry companies enhance their operational safety and productivity, has secured US$2.7 million in oversubscribed pre-Series A funding, led by Tin Men Capital.
The funding will fuel the startup’s expansion into new markets, such as Hong Kong, the Middle East, Japan, and Oceania and R&D efforts.
Also Read: B2B tech startup-focused VC firm Tin Men Capital makes first close of Fund II
Ailytics was founded in 2021 by CEO Wei Zhuang (Lenard) Tan and CTO Prateek Manocha.
The startup’s proprietary solution taps on existing cameras to provide real-time actionable insights into unsafe acts, productivity metrics, and security breaches. It can provide 3D dimensions using a 2D video feed from any single camera, which enables the deployment of complex use cases such as calculating the danger zone under heavy load and a fixed radius around hazardous equipment.
According to Ailytics, the solution can be deployed with high accuracy using existing low-resolution cameras, even in harsh environments, making it suitable for dynamic environments found in construction sites and manufacturing plants.
The B2B software startup’s solutions have already been implemented in over 70 projects, integrating with over 1,000 cameras spanning four countries and multiple industry verticals. It has enabled customers to reduce the need for manual inspections by up to 50 per cent while increasing hazard detection by up to 7x. It has reduced or eliminated bad behaviour, downtime from audits, stop-work orders and fines.
Ailytics clients include Jurong Town Council (JTC), Woh Hup, and ST Engineering.
“We would also be able to increase our R&D efforts to build the next generation of Video Analytics solutions, powered by Large Vision Models (LVM) capable of handling complex domain specific tasks,” said commented Zhuang (Lenard) Tan.
“Regulators of construction and manufacturing are imposing stricter safety standards in these industries. Non-compliance leads to delays, penalties, and revenue loss. Rising labour costs and a tighter skilled labour market are posing challenges too. The right technology can drive productivity and serve as a reliable tool to safeguard workers lives by detecting and preventing accidents,” said Jeremy Tan, Co-Founder of Tin Men Capital. “Ailytics’s solutions have shown impressive results in reducing accidents, downtime, and boosting productivity.”
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