Singapore’s artificial intelligence (AI) landscape is experiencing a dynamic transformation, positioning the city-state as a leading global hub for AI innovation and application. With substantial investments flowing into the sector, Singapore has become a fertile ground for AI startups and established companies alike, driving advancements across various industries.
In finance, companies like TSLC and Trusting Social are at the forefront, leveraging AI to provide digital banking services and sophisticated credit scoring systems. The healthcare sector is also witnessing significant AI integration, with Holmusk utilising predictive analytics for mental health and Us2.ai offering real-time echocardiogram analysis to detect heart risks.
Retail and e-commerce are not left behind, with Neso Brands and ViSenze pioneering augmented reality and visual search tools to enhance customer experiences and drive sales. Companies like Wiz Freight, which employs AI for efficient freight forwarding solutions, are revolutionizing the logistics and transportation industries.
Environmental sustainability and space technology are also seeing AI applications, as demonstrated by UMITRON’s AI-driven aquaculture solutions and Infinite Orbits’ autonomous satellite services.
These innovations are supported by substantial funding from top-tier investors, including venture capitalists, institutional investors, and government initiatives.
Overall, Singapore’s thriving AI ecosystem is characterized by its diverse applications, robust investment landscape, and collaborative environment that fosters continuous innovation, solidifying the nation’s reputation as a powerhouse in the global AI arena.
Also Read: Beyond the hype: Taking Gen AI mainstream with next-level automation
Here are the island nation’s top 30 funded AI innovators transforming industries (Special thanks to data intelligence platform Tracxn):
TSLC
TSLC specialises in providing digital banking services for underserved individuals. The firm has developed an artificial intelligence-based integrated credit-led financial wellness platform and uses AI and machine learning (ML) technology to predict customer behaviour.
The startup’s services include savings wallets and physical and virtual credit cards for online and offline purchases, bill payments, and money transfers.
Total funding raised: US$225 million
Investors: JPIN, Rothschild & Co, arvinvestments.com, Riverside, Victory Capital, QP Global Family
Annual revenue: Not available
Holmusk
An AI-based digital health solution and data analytics provider, it offers NeuroBlu, a platform that monitors the user’s data. Its prediction engine recommends lifestyle changes before the condition worsens. The proprietary analytical tools work on real-world data to recognise disease progression. The EHR system is designed to capture and monitor decisions and is combined with past mental health records.
Total funding raised: US$109.3 million
Investors: Veradigm, Heritas Capital Management, Health Catalyst Capital, dRx Capital, Northwell, Optum Ventures, German Entrepreneurship, RISE, Enspire Capital, MadDog Ventures, JLABS
Annual revenue: US$1.1 million (as of March 31, 2018)
Neso Brands
Neso has developed AR-based virtual trial solutions for businesses. Its platform offers virtual trial solutions that enable users to try eyewear using phone cameras with AI, AR-based, and eye-tracking technologies.
Total funding raised: US$100 million
Investors: Alpha Wave Global, Temasek, KKR, and SoftBank Group
Annual revenue: Not available
Trusting Social
It is a software solution for loan lifecycle management. It offers trust scores of individuals by using artificial intelligence and alternate data with underwriting and fraud management insights, digital onboarding of customers with secure transactions by using facial recognition and AI models, and segmentation of customers for multiple consumer loan products.
Total funding raised: US$84 million
Investors: Masan Group, sherpapullovers.com, The Sherpa Company, 500 Global, Beenext,
Peak XV Partners, Kima Ventures, 500 Fintech, Ascend Vietnam Ventures, Tanglin Venture Partners, Genesis Ventures, scifinancial.com
Annual revenue: US$23.6 million (as of December 31, 2021)
Silent Eight
It is an AI-based fraud management platform that enables users to scan data sources in variable formats, including local and remote online news articles. The firm offers solutions for automated alert adjudication, name screening, transaction screening, and transaction monitoring.
Total funding raised: US$61 million
Investors: TYH Ventures, HSBC, OTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, Crystal Horse Investments, Joyful Frog Digital Innovation, others
Annual revenue: US$2.9 million (as of March 31, 2022)
CXA Group
Connexions Asia (CXA) provides an AI-based benefits marketplace for employer insurance. It also offers an AI-based app for people to connect with health and wellness products and services. The company features solutions for quoting, claim processing, payments, recommendations, and data insights.
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Total funding raised: US$58 million
Investors: Humanica, HSBC, Heritas Capital Management, MDI Ventures, Sumitomo, Openspace Ventures, Singtel Innov8, B Capital Group, Singapore Economic Development Board, others
Annual revenue: US$13 million (as of December 31, 2018)
Wiz.AI
It is an AI-based voice and speech recognition solution for multiple industries. Its talk bot platform allows users to record voice conversations with text translations and interact with real humans. Wiz.AI uses neural network technology that allows customer classification, identification of customers, and segments to prioritise follow-ups. The product features include mobile security, data management, management of mobile devices, mobile content, mobile applications, mobile security, and data leak prevention.
Total funding raised: US$58 million
Investors: Tiger Global Management, Yunqi Partners, Gaorong Capital, GL Ventures, K3 Ventures, Singtel Innov8, GGV Capital, Wavemaker Partners, Insignia Ventures Partners,
Hillhouse, Singtel, Plug and Play APAC
Annual revenue: US$1.7 million (as of December 31, 2021)
Wiz Freight
It is an AI-enabled tech-driven freight forwarding solutions provider. It provides services, such as air, ocean, and surface transportation. It has features like booking, live tracking, digital financing, collaborative shipping task management, full container and partial container load shipping, door-to-door shipping, cargo insurance, and customs and trade management.
Total funding raised: US$52.5 million
Investors: SBI Investment, Tiger Global Management, Nippon Express, Axilor Ventures, Arali Ventures, Unikon Shipping Ventures, Foundamental, Trifecta Capital
Annual revenue: US$157 million (as of March 31, 2023)
Ficus.AI
It is a provider of market intelligence solutions to offline retailers. Focus.AI’s new retail solutions aim to empower brick-and-mortar retail shops in Southeast Asia. Its customers are coffee shops, restaurants, traditional grocery stores, fashion shops, and supermarkets.
Total funding raised: US$50 million
Investor: eWTP Capital
Annual revenue: US157 million (as of December 31, 2021).
Rotimatic
Rotimatic develops fully automatic flatbread-making robots. The robot has built-in AI and IoT capabilities with a 32-bit microprocessor that harmoniously orchestrates ten motors and 15 sensors. Users load the machine with the required ingredients and select the amount of bread they wish to make, up to 20 loaves of bread in one go. It claims that the robot mirrors human judgment to adjust the proportion of flour and water in real time.
Total funding raised: US$48 million
Investors: Credence Partners, EDBI, Openspace Ventures, Robert Bosch Venture Capital, SPRING Singapore, NUS Enterprise, Enterprise Singapore, ABCOM Investments, Rikvin Ventures
Annual revenue: US$21 million (as of December 31, 2018)
Graas
It provides AI-based predictive analytics solutions for e-commerce businesses. The company’s proprietary AI engine connects data sources and generates recommendations across marketplaces, D2C websites, CRM, marketing, and the last mile. It also provides insights into product categories, sizes, stock availability, shipping, and exchanges and returns.
Total funding raised: US$40 million
Investors: Integra Partners, Yuj, A. J. CAPITAL, Kejora Capital, Orbit Capital Malaysia
Annual revenue: Not available
ViSenze
ViSenze provides AI-based visual search and recognition tools for e-tailers. It uses deep learning and computer vision techniques to conduct image extraction and recognition, adaptive machine learning, and dynamic contextual analysis. For shoppers, it enables product search and discovery on online platforms. ViSenze also recommends products based on shoppers’ product purchase behaviours and insights.
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Total funding raised: US$34.5 million
Investors: 31VENTURES, Impossible Ventures, Rakuten Capital, SPH Ventures, WI Harper Group, UOB, Enspire Capital, ICT Fund, Gobi Partners, Bright Pixel Capital, FengHe Group, Phillip Private Equity, Raffles Venture Partners, Walden International, UOB, SPRING Singapore, Tembusu Partners, Global Brain, Innoven Capital, NUS Enterprise, SEED Venture Capital
Annual revenue: US$6.07 million (as of December 31 2022)
RDC
It is a lending-as-a-service platform that leverages AI technology for credit risk scoring and decisioning with insights into borrower’s behaviour.
Total funding raised: US$32.5 million
Investors: Westpac, nCino, BMY Group, Octava
Annual revenue: US$1.4 million (as of September 30, 2022)
Taiger
Taiger provides robotic process automation solutions. Primarily serving the banking, insurance, and government sectors, the company specialises in advanced AI-engineered information access and extraction solutions. It provides solutions for automated onboarding, processing of SSIs, ISDA documentation review, claims processing, customer biodata reconciliation, NRICs & CPF statements, automatic metadata generation, and semantic search.
Total funding raised: US$31.3 million
Investors: PacificBridge Asset Management, MCM Partners, Plug and Play Tech Center, SGInnovate, ICT Fund, MS&AD Ventures, Plug and Play APAC
Annual revenue: US$2.7 million (as of December 31, 2021)
DocDoc
DocDoc is an online platform that uses AI to connect users to doctors. The platform uses HOPE, an AI-powered doctor discovery engine, to find doctors based on users’ medical needs. The platform lists information about clinics and doctors, along with their locations, clinical interests, subspecialties, procedures available, and so on, to enable users to compare and book appointments.
Total funding raised: US$29.6 million
Investors: Sumitomo Corporation, Adamas Finance Asia, Cyberport, SparkLabs Global Ventures, Vectr Ventures, Hong Leong Financial Group, KCP Capital, Jungle Ventures, 500 Global, Hong Leong, Apis Partners, RVP Group, Gaingels, Bells Ventures, Plug and Play APAC
Annual revenue: US$838 (as of December 31 2020)
Pixocial Technology
It provides Generative AI solutions for consumers, businesses, and enterprises. The platform offers photo and video editing software powered by AI technology.
Total funding raised: US$22 million
Investors: Eight Roads Ventures, FutureX
Annual revenue: Not available
Tookitaki
It is a platform offering anti-money laundering solutions. Its features include AML transaction monitoring, customer risk scoring, customer screening, regulatory compliance, case management, and customer due diligence. It also offers financial crime detection and prevention solutions for banks and fintech companies.
Total funding raised: US$20.4 million
Investors: Illuminate Financial, Nomura, Viola Group, Jungle Ventures,
SIG Venture Capital, SEEDS Capital, Enterprise Singapore, Supply Chain Angels, T-Hub, The FinLab, Rebright Partners, Blume Ventures, India Internet Fund, CIIE, Innoven Capital
Annual revenue: US5.1 million (as of December 31 2022)
UMITRON
It develops AI- and IoT-based aquaculture solutions for farms. The company enables farms to optimise their feeding practices, lowering their costs and preventing waste and environmental damage. Its technology stack includes solar-powered IoT devices deployed on aquaculture farms in the ocean to film fishes and measure patterns in their behaviour using computer vision. The solution can detect when fish are hungry through machine learning algorithms and automatically release feed for them. It also leverages satellite imagery to augment these insights by providing information about the temperature of the sea.
Also Read: Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore
Total funding raised: US$20.4 million
Investors: ENEOS Group, QB Capital, Toyo Seikan Kaisha, Shoko Chukin Bank, Inter-American Development Bank, Mirai Creation Fund
Annual revenue: US$2.4 million (as of March 31, 2022)
SWAT Mobility
It provides AI-powered mobility solutions for employee transport management. Its routing technology derives the optimal fleet size, plans employee transport by aggregating data, and designs custom solutions tailored to personalised considerations and on-demand bookings.
Total funding raised: US$19.5 million
Investors: Nippon Express, NEC, Chubu Electric Power, IMC Ventures, G. K. Goh Holdings, Goldbell, UTEC, Global Brain, ComfortDelGro, EDBI, IGlobe Partners, Smrt Ventures, National University of Singapore, Ruvento Ventures, Momentum Ventures
Annual revenue: US$251,000 (as of December 31 2020)
Kristal
It is an AI-based asset management platform for individuals. The company offers algorithms to evaluate the risk of mutual and hedge funds. The platform enables users to create and share investment strategies. It offers a consolidated view of all portfolio investments, the historical performance of various accounts, and future portfolio projections based on CAGR and Sharpe ratio.
Total funding raised: US$19 million
Investors: Chiratae Ventures, Stride Ventures, Desai Ventures, BackStroker
Annual revenue: US$3.6 million (as of December 31, 2021)
Us2.ai
It is an AI-powered tool to detect heart risk. The company’s flagship product, Echo Copilot, provides fully automated, real-time echo reports and disease detection, supporting healthcare professionals in interpreting echocardiograms.
Total funding raised: US$19 million
Investors: IHH Healthcare Berhad, HEAL Partners, Peak XV Partners, Pappas Capital, EDBI, Partech Partners, Sequoia Capital, SGInnovate, StartUp Health, Startup SG, A*STAR, Fabrice Grinda, EPRV, Startup Creasphere, XNode
Annual revenue: US$388,540
Geniebook
It is an AI and app-based platform offering adaptive learning solutions for students. The platform can identify a child’s weaknesses and generate targeted questions. It enables users to improve their learning speed by practising questions at their own pace. Additionally, it provides worksheets, live and recorded classes, and more. Its app is available for Android and iOS devices.
Total funding raised: US$18 million
Investors: Titan Capital, East Ventures, Lightspeed Venture Partners, Apricot Capital
Annual revenue: US$15 million (as of December 31, 2022)
Silot
It offers an AI-enabled banking software suite and merchant banking solutions. Its solutions include merchant onboarding, KYC, cross-channel banking, account opening, QR-based payments, and more. Its features included AI-directed targeted marketing campaigns, and AI-enabled loan underwriting tools.
Total funding raised: US$13.7 million
Investors: Arbor Ventures, Krungsri Finnovate, Sumitomo, SBI Investment, Eight Roads Ventures, Zhen Fund, NTUitive, The Venture Center, Central Capital Ventura, Plug and Play APAC
Annual revenue: US$467,000 (as of December 31, 2021)
D.id
It is a decentralised AI-based video creation platform. The platform enables users to create AI videos of digital people from a single image. It also offers an API for integrating generative AI capabilities into other products.
Also Read: Singapore surpasses US in AI investment: Study
Total funding raised: US$13 million
Investors: CMB International Capital, HashKey Capital, Qingsong Fund, GGV Capital, GSR Ventures, SNZ, Xin Family, SevenX
Annual revenue: Not available
Infinite Orbits
It provides AI-based in-orbit satellite services and systems. Its offerings include docking systems for satellite anchorage, and plug-and-play modules for autonomous satellite tracking and navigation. It offers services like orbit guidance and control, optical tracking for satellites and collision avoidance and satellite inspection services.
Total funding raised: US$12.9 million
Investors: Newfund, European Union, IRDI Capital Investissement, SpaceFounders
Annual revenue: US$1 million (as of February 29, 2020)
MY01
MY01 is a state-of-the-art medical device that helps detect Acute Compartment Syndrome (CS), a limb-threatening muscle condition, within 48 hours following trauma. It capitalises on a proven correlation between sustained increase in Intramuscular pressures and ACS for objective, early diagnosis. MY01 operationalises muscular pressure monitoring into a simple, accurate, single-use device.
Total funding raised: US$12.6 million
Investors: Antler, Invest Quebec, Fondaction, Desjardins, MEDTEQ, OBIO
Annual revenue: Not available
bluesheets
bluesheets is an AI-powered financial data automation solution. The financial automation platform for businesses connects and automates financial data across various platforms. It processes financial data both online and offline. The firm also offers solutions for expense management and data matching.
Total funding raised: US$12.5 million
Investors: Illuminate Financial, Insignia Ventures Partners, Antler, 1982 Ventures, Kistefos, Plug and Play Tech Center, Investible, kipleX
Annual revenue: Not available
WeInvest
A wealth management solution for financial institutions, WeInvest offers multiple solutions that enable financial institutions to manage investments and asset management processes. The company offers AI-based quantitative strategies, white-label UI, and APIs.
Funding raised: US$12.3 million
Investors: Schroders, DIFC, Acer, HCapital, Lighthouse Canton, SterlingForte, SterlingForte, Integrated Management Consulting Ltd, TH Capital, Rise Team, Plug and Play APAC, Ficus
Annual revenue: US$1.3 million (as of December 31, 2020)
Neuroglee Therapeutics
It offers AI-based therapy planning solutions for neurodegenerative diseases. The platform provides evidence-based precision therapeutics by combining cognitive rehabilitation strategies and machine-learning approaches to treat neurodegenerative diseases. The investigational prescription digital therapeutic developed on the platform can treat diseases with pharmacotherapy. The AI algorithms track the digital biomarkers and perform assessments for cognitive intervention.
Total funding raised: US$12.3 million
Investors: Openspace Ventures, EDBI, Eisai Innovation, 2050 Capital
Annual revenue: Not available
Smarten Spaces
Smarten Spaces provides AI-enabled asset and space management solutions. The company offers a suite of solutions for managing tenants, digital workspaces, co-working spaces, and co-living spaces.
Total funding raised: US$12 million
Investors: Symphony Asia Holdings, Capital Group Holdings
Annual revenue: US$1.1 million (as of March 31, 2021)
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Courtesy: Tracxn
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