Taiger, a Singapore-based company specialising in applied Artificial Intelligence (AI) solutions, has closed its Series A round. The S$8 million funding was led by Tembusu ICT Fund I and included SGInnovate, in a boon to Singapore’s efforts to become a leader in AI.
Taiger specialises in information access and knowledge extraction, with technology which applies a hybrid between the symbolic and probabilistic disciplines of AI. Taiger’s AI solutions are taught to read and understand information as a human worker does, transforming completely unstructured information to valuable knowledge for businesses and their customers.
The funding comes from Tembusu ICT Fund I, the only software-focused venture capital fund in Singapore and one of the six funds selected by the National Research Foundation of Singapore (NRF) as part of the Early Stage Venture Fund II scheme. SGInnovate, a government-owned entity which operates under the NRF, has also participated in this round.
Taiger’s iMatch solution is capable of automatically extracting, validating and interpreting information from documents, replicating the intelligence of a human worker. A large European bank has automated their corporate client on-boarding process with iMatch, translating into an 85% drop in cost and a reduced processing time from weeks to a matter of minutes. “We’re talking about drastic reduction in cost, huge productivity gains, and of course, allowing workers to focus on higher-value work,” said Dr. Sinuhe Arroyo, CEO and founder of Taiger.