Mastercard joins investment round for Singapore AI start-up AIDA
Singapore machine learning data analytics start-up AIDA Technologies plans to expand, after closing a Series A funding round from investors such as Mastercard, reports Jane Connolly.
SGInnovate and founding seed investor Kuok Ventures also participated in the undisclosed round.
AIDA Technologies serves banking and insurance institutions across Singapore, Malaysia, Thailand, Indonesia, India and Hong Kong. According to The Business Times, the company will use the proceeds to deepen its capabilities and reach in existing markets and to expand into new ones, including the Philippines and Japan.
“This further strengthens Mastercard’s AI-focused strategy around people, infrastructure and domain expertise,” says Rohit Chauhan, executive vice president, AI centre and cyber platforms, Mastercard.
He adds: “It provides us with access to AIDA’s world-class AI platform and toolkit, as well as the possibility to jointly develop product solutions that leverage advancements in technology to deliver greater security and convenience for businesses and consumers in their everyday activities.”
AIDA was founded in 2016 by a team of data scientists from a research institute run by Singapore’s Agency for Science, Technology and Research (A*Star).
The company develops advanced solutions that integrate with customer workflows and leverage machine learning models to generate actionable business insights.
